Monday Market Update: 10 Cities Where Home Prices Are Dropping Most
Home prices are dropping most in these cities since June, but still higher by 2-10% year-over-year!
We are 10 days into the month and here to share a little market perspective on what a cooling real estate industry looks like on a national level. Just today, Realtor.com released an article titled 'Buyer Bargains: Here Are the 10 U.S. Cities Where Home Prices Are Dropping the Most Right Now.' As we reviewed the list, we noticed two key things:
#1: None of these markets are in the Bay Area, and only one is in California.
#2:
All of the price drops represent trends over the last 3 months, yet
all cities on this list have retained higher home prices year over year.
In fact, nationally home prices are still up 14% year over year, thus the short-term price losses are not enough to erase year-long gains. The bottom line is that any real estate decisions you make should be rooted in facts and not fear; your home being worth less today than it was 3 months ago does NOT erase the equity you’ve built in the last 12 months.
The big picture is always a great reminder of how far you’ve come – don’t ever forget that!
All my best,
Bobbi Decker
DRE#00607999
Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/
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