Saturday, February 24, 2024

In which cities in the United States are housing prices falling?

While the prices of households experienced a general increase throughout the country, some markets showa reduction compared to last year.

In the last quarter, the half price on single-family homes increased by 4%, reaching US$378,700, according to the National Association of Realtors (NAR). The increases were most notable in the Northeast, at 5.3%, followed by the South at 4.9%, the Midwest at 4%, and the West at 2.6%.

Despite these positive numbers at the regional level, when analyzing markets, it was revealed that around 11% of the market’s real estate experienced ffallin prices during the last quarter of last year. This equates to 20 of the 186 cities monitored by NAR.

Lawrence Yun, chief economist of the NAR, noted that some of the most expensive areas of the country, especially those with weak employment and significant migration of residents to other regions, may see a decrease in prices. prices by two digits.

A clear example is San José, California, the most expensive city to buy a home in the fourth quarter. Even though its half price was US$ 1,577,500, placing it as a cost leader, it experienced a reduction of 5.8% from a year ago and an impressive 17% from a peak of $1.9 million in the second quarter.

San Francisco tops the list of biggest fall prices nationally, with a decrease of 6.1% compared to last year, which reached a half price of US$1,230,000. Some places with prices below include Anaheim, California (-1.6%), Los Angeles (-1.3%), and Boulder, Colorado (-2.0%).

These reductions in prices are usually observed in places that were attractive destinations during the development of the real estate market in recent years and which, in addition, can easily change in LIVING due to the increase in remote work. These areas include Boise, Idaho, with a decrease of 3.4%, and Austin, Texas, with a decrease of 1.3%.

Despite these slopes, in other markets, the increase of half a percent in the last quarter was less than the 8.6% increase in the previous quarter. However, Yun pointed out that the increase in prices has continued to outpace wage growth and inflation prices for consumers since 2019.

World Nation News Desk
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