Sacramento real estate in 2022 is cooling at a rate rarely seen elsewhere.
Median home prices in the region fell 8.4% between the spring peak and October, the seventh-largest decline in the country, according to the latest Mortgage Monitor report from the national real estate data analytics firm Black Knight. . Zillow data show a similar trend, According to the site, prices in Sacramento are down 6.4% from their peak..
San Francisco and San Jose are both down about 13% from their peaks. the steepest drop in the country, according to the Black Knight. Other regions in the western US that have experienced significant declines include Seattle, Phoenix, Las Vegas and Los Angeles.
Moreover, after two years of record home price gains, Sacramento’s year-over-year price gains slowed dramatically this fall. According to Black Night data, the region’s median price rose just 1% between He October 2021 and He October 2022. San Jose and San Francisco both declined.
Sacramento real estate appraiser and market analyst Ryan Lundquist reported this week: Prices in the four-county area fell 12% between May and the end of NovemberThe median price for November was $550,000, down from $625,000 in May, according to Lundquist data.
The interactive map below shows average house prices for all communities in the Sacramento area. The Lake Tahoe Basin still has the most expensive real estate in the metropolitan area, but new data from Zillow shows that some home prices in Granite Bay and Clarksburg are above his $1 million mark.
https://www.sacbee.com/news/business/real-estate-news/article270069067.html Sacramento, Calif., home prices have fallen since peaking in 2022 values