A new study suggests that you may be able purchase your dream home in California at a slightly lower cost.
A new study suggests that you may be able purchase your dream home in California at a slightly lower cost.
According to a new study, you may be able purchase your dream home in California at a slightly lower cost than before.
Black Knight Inc, a technology company that analyses mortgage lending data across the United States found that six California cities had seen their home prices drop from their peak in 2022.
These cities were San Francisco, San Jose and Sacramento.
These cities in California have the fastest-growing homes prices
San Francisco and San Jose saw the largest price drop, with 13% and 12.7% respectively. Prices declined between 8% to 12% in Sacramento, San Diego and Riverside.
Black Knight researchers discovered that 14 of the 50 largest U.S. markets have experienced a decline of 6% or greater since their 2022 peak.
This is the area where home prices have fallen most (source: Black Knight Inc.).
1. San Francisco: 13% price decrease
2. San Jose: -12.7% price decrease
3. Seattle, Washington: 11.3% price drop
4. Phoenix, Arizona: Price drop of 10.5%
5. Austin, Texas: 9.7% price decrease
6. Las Vegas, Nevada: 9.3% price decrease
7. Sacramento: 9.3% price decrease
8. San Diego: 8.6% price decrease
9. Los Angeles: 7.6% price decrease
10. Salt Lake City, Utah: 6.9% price drop
11. Denver, Colorado: 6.9% price decrease
12. Riverside: 6.8% price decrease
13. Raleigh, North Carolina: 6.3% price decrease
14. Portland, Oregon: 6.1% price decrease
Although home prices are falling in some California cities, the overall price of a home in California is still high. Zillow reports that the median home price in California is $716.909, and that it is likely to rise for buyers looking to buy homes in major cities such as Los Angeles or San Francisco.
According to Zillow, San Francisco’s median home price is $1.2 million, while Los Angeles’s median home price stands at $890,194.
