SAN FRANCISCO (KRON) — After pandemic changes brought two years of skyrocketing growth in home prices, California is now seeing a steep drop, according to a new study by home insurance website QuoteWizard.

Though home prices have risen 1% nationally since June, the study shows that the average price of a home in California has gone down by $12,205 in that time. This is the sharpest drop of any state in the nation. A city in the South Bay is seeing even steeper drops.

San Jose’s average home prices has gone down by 5.6% since June 2022. That may not seem like a huge amount, but that percentage equates to $93,037 in value lost since June. This means that homeowners looking to sell now could stand to earn significantly less than they did before June.

KRON On is streaming now

San Francisco also saw a drop, though not as large. Home values have gone down 2.9% or $42,144 since June across the City by the Bay. Two other California cities saw drops in home prices, San Diego and Los Angeles. San Diego went down by 2.4% or $22,286. Los Angeles saw a 1.8% decrease so homeowners stand to earn $17,071 less if they sell.