Approximately 14 of the 50 largest markets are already showing signs of a sharp cooldown with home prices falling by an average 6% or more from their 2022 peaks on a seasonally-adjusted basis, a report found. Here's more.
Homebuyers are finally gaining leverage in the housing market, but where they can get the best discounts on home prices varies from metro to metro.
“We’re finally seeing real price corrections,” John Downs, senior vice president of Vellum Mortgage, told Yahoo Finance. “Home prices remain high, but they are better now and dropping.”Overvalued markets will see sharpest declines San Francisco took the lead, with home prices there down 13% in December 2022 from their peak, Black Knight data showed. This was followed by San Jose , Seattle , and Phoenix .
, still up 3.7% year over year. However, the average home sold at $1.25 million, or 3.8% off the median listing price.“Buyers, especially on the West Coast, know Seattle has been in a seller's market for a decade, but they may be getting a short window to buy where they can use incentives to purchase and get ahead of the competition” Jeff Reynolds, broker at Compass and founder of UrbanCondoSpaces.com, told Yahoo Finance.
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