Home Price Drops – Top 10 Cities

Latest data is showing a big crash in Home Prices in 10 Cities across America.

Cities like Denver, Los Angeles, San Francisco, and Austin had Home Value Drops in June 2022 according to the Zillow Home Value Index (“Raw Mid Tier”). https://www.zillow.com/research/data/

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Home Price Drops – Top 10 Cities

These declines were so big that they set records – even worse than the 2008 Crash. A trend that is likely to worsen in future months as the Federal Reserve and Jerome Powell continue to hike Interest Rates.

Just as the US heads deeper into a Recession.

The Top 10 Metros with the Biggest Home Price Cash are: 

10. Denver, CO

09. Portland, OR

08. San Francisco, CA

07. Los Angeles, CA

06. San Diego, CA

05. Provo, UT

04. Boulder, CO

03. Salt Lake City, UT

02. Austin, TX

01. San Jose, CA 

For the above cities, home price drops range from a -1.4% MoM decline in Denver to a -4.3% Drop in San Jose. Annualizing these figures reveals some crazy future home price declines if these trends hold.

It was just reported that: “The supply of homes for sale jumped 9% last week compared with the same week one year ago,” according to Realtor.com. Redfin ALSO found that “new listings rose nearly TWICE AS FAST as they did just one year ago.”

Remember how artificially inflated the housing market is with all the LLCs and corporations buying homes to sit empty and calling it a “Shortage”.

To wrap this up, I think that many areas that have seen astronomical, irrational home price appreciation over the past couple of years, are now going to see a similar but reverse price depreciation!  I think in many local markets, this depreciation will easily exceed 20% or more from the market tops!

There is a perfect storm forming in America. inflation, severe drought in the farm belt, the pandemic, food shortages, diesel fuel costs, and heating fuel shortages, baby formula shortages, shortage of and price of available cars, and the price of housing. It’s all coming together and could lead to real disaster for our economy.

Always keep in mind, that purchasing or selling a home is a major lifestyle decision, and as such, should not be rushed into. So, by all means, if you’re considering purchasing or selling real estate in today’s market, do your own homework and draw your own conclusions! But, also consult with your legal & financial advisors prior to making your moves.

My opinions here are just that, opinions!  The fact that I’ve been in the residential real estate market for over three decades, does not mean that my opinions are going to be any more accurate then your mother-in-law’s opinion, though I sure hope they are!

For those of you who may not be regular readers here is the link to the first warning blog post that I put out; my first post where I called the real estate market top was June 15, 2021 (https://www.brokerforyou.com/brokerforyou/real-estate-market-downturn/ ) . On June 17 2021, I had a follow-up post ( https://www.brokerforyou.com/brokerforyou/real-estate-market-bust/ ) where I added additional indicators, that to me showed that the market was in a topping phase right now! I put the links to each one of those prior post above, and would suggest if you’re interested, to reread those posts!

Buckle up your seatbelt because the downward ride has just started!

Home Price Drops – Top 10 Cities

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