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.
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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.