6 Markets Where Home Values Fell the Most in August

Crypto Ultimatum


Authur Avalon / Shutterstock.com

Another month, another slip in home values in key markets across the U.S.

Nationwide, home values slipped 0.3% in August, the biggest monthly decrease since 2011, according to the latest market report from real estate marketplace Zillow. It was the second consecutive month that home values fell, coming on the heels of a 0.1% decrease in July.

In markets where home values remain affordable, demand remains brisk. But in places where home values soared over the past couple of years, prices are beginning to fall as inventory grows and homes sit on the market for longer than before.

Following are the markets where home prices fell most significantly in August.

San Jose, California

San Jose Houses
pbk-pg / Shutterstock.com

Change in this metro area’s raw Zillow Home Value Index from July to August: 2.1% decline

After a 4.5% decline in July, San Jose home values as measured by the raw Zillow Home Value Index, slipped another 2.1% in August.

Signs of a cooling market have been in the air for a while. In July, we reported that San Jose was No. 1 on the list of the fastest cooling housing markets.

Seattle

Seattle house neighborhood
Frank Fell Media / Shutterstock.com

Change in this metro area’s raw Zillow Home Value Index from July to August: 2.6% decline

In August, we noted that Seattle was among the “10 Cities Where Home Inventory Is Rising Fast.”

When more homes are available for sale, it’s almost inevitable that prices will begin falling.

Salt Lake City

House in 1991
Matthew Thomas Allen / Shutterstock.com

Change in this metro area’s raw Zillow Home Value Index from July to August: 2.6% decline

More than 56% of sellers in Salt Lake City dropped their asking prices in July. For more about cities where sellers are getting anxious, check out “10 Housing Markets With the Most Sellers Dropping Prices.”

Sacramento, California

Home in Sacramento, California
Victoria Ditkovsky / Shutterstock.com

Change in this metro area’s raw Zillow Home Value Index from July to August: 3.2% decline

In August, we noted that California’s capital city was among the housing markets where bidding wars have been quickly disappearing.

Now, home price appreciation also is evaporating here.

Los Angeles

Los Angeles neighborhood in San Fernando Valley
trekandshoot / Shutterstock.com

Change in this metro area’s raw Zillow Home Value Index from July to August: 3.4% decline

With prices declining, Los Angeles is now among the “5 Cities Where Homeowners Are Now Losing Equity.”

From April to July, local homeowners saw their tappable equity — defined as the amount of cash a homeowner can borrow against their home while maintaining a 20% equity stake — sink by 10%.

San Francisco

Homes in San Francisco, California
Sergey Novikov / Shutterstock.com

Change in this metro area’s raw Zillow Home Value Index from July to August: 3.4% decline

As we noted recently, people are abandoning San Francisco at a higher rate than residents in any other major city.

Perhaps San Francisco’s loss will be Sacramento’s gain, as many of those fleeing the Bay Area are showing up in California’s capital city.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.



Source link

High Conversion Forex Robot

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *