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THESE CITIES HAD SIGNIFICANT DROPS IN CALIFORNIA PROPERTY PRICES

Monday, March 11, 2024   /   by Bob Cowan

THESE CITIES HAD SIGNIFICANT DROPS IN CALIFORNIA PROPERTY PRICES

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LOS ANGELES: If you're a prospective homeowner searching for a decent deal, we have some excellent news! 
Realtor.com data indicates that although national home prices increased 0.3% year over year in February to a median of $415,000, there are certain markets where prices are declining.
"Many of the [home] listings that are coming up for sale are in more reasonable price ranges," stated Danielle Hale, Chief Economist at Realtor.com. "When you have more affordable listings coming onto the market, it’s also going to push down the overall price."
Miami saw the biggest price reductions, according to the statistics, with the median home list price dropping 8.2% year over year to $550,000 in February.  In the meantime, as compared to the same month last year, the number of residences for sale in the metro increased by 37.4% in February.
The top 10 included two cities in California. San Francisco's prices trended down 1.3%, whereas San Jose's (#6) median home list prices fell 2.3%.
Even in some of the most expensive metropolises in the country, the West Coast has seen price reductions. In the center of Silicon Valley, San Jose, California, saw a 2.3% decline in median home list prices, while San Francisco saw a 1.3% decrease (#9).
"Those areas are very closely tied to the technology industry, and tech has been on a bit of a roller coaster over the last couple of years," Hale stated. 
The Realtor.com economics team compared the median list prices in the 50 major metropolitan areas in February 2024 and February 2023 in order to arrive at its conclusions.
Realtor.com lists the following ten cities as having the greatest decline in home prices:

1. Miami, FL 
February median home list price: $550,000
Median list price year over year: -8.2%
2. Oklahoma City, OK
February median home list price: $323,000
Median list price year over year: -7.4%
3. Cincinnati, OH
February median home list price: $337,000
Median list price year over year: -6.4%
4. Kansas City, MO 
February median home list price: $421,000
Median list price year over year: -4.9%
5. Denver, CO 
February median home list price: $610,000
Median list price year over year: -3.6%
6. San Jose, CA
February median home list price: $1.367 million
Median list price year over year: -2.3%
7. Raleigh, NC 
February median home list price: $440,000
Median list price year over year: -2.2%
8. San Antonio, TX
February median home list price: $335,000
Median list price year over year: -1.5%
9. San Francisco, CA
February median home list price: $989,000
Median list price year over year: -1.3%
10. Portland, OR
February median home list price: $600,000
Median list price year over year: -1.2% 
#HomePrices #AffordablePrice #AffordableHousing #RealEstate #AffordableHouse #SanJose #SanFrancisco #LosAngeles #CoastalHomes #BeachfrontProperty #OceanfrontLiving #WaterfrontHomes #SeasideLiving #PanoramicViews

  bob cowan, platinum living realty, california, march 2024

Platinum Living Realty
Bob Cowan
120 Newport Center Drive
Newport Beach, CA 92661
949-441-9918
DRE# 01970237

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