Some Areas of California See House Values Plummet
- 5 months ago
Some Areas of California , See House Values Plummet.
'Newsweek' reports that many areas across California,
typically one of the most expensive housing markets in
the United States, have experienced steep price drops.
One Palm Springs home, which sold in March for
$1,400,000, was put back on the market just two
months later and is now selling for just $635,000. .
That's a $765,000 price drop. .
The property was repeatedly listed,
removed and reposted on Zillow,
each time at a significantly lower price.
According to the listing, the three-bedroom, two bathroom
residence boasts a "brand new pool and spa" and "modern
tile flooring" in a "highly desired neighborhood in
Palm Springs" with "convenient access to downtown.".
As of the end of November, the average home
value in Palm Springs was $651,273,
down 2.5% compared to the same time in 2022.
Overall, the average price of a home
in California was $746,055,
an increase of 2.3% compared to 2022.
'Newsweek' reports that a chronic
lack of inventory has driven home prices
higher across other parts of California.
In addition to skyrocketing prices in the Golden State,
would-be homebuyers have struggled with high
mortgage rates, which has significantly impacted demand.
Meanwhile, in cities like San Francisco,
the cost of homes have fallen by
over 10% since peaking in 2022.
'Newsweek' reports that many areas across California,
typically one of the most expensive housing markets in
the United States, have experienced steep price drops.
One Palm Springs home, which sold in March for
$1,400,000, was put back on the market just two
months later and is now selling for just $635,000. .
That's a $765,000 price drop. .
The property was repeatedly listed,
removed and reposted on Zillow,
each time at a significantly lower price.
According to the listing, the three-bedroom, two bathroom
residence boasts a "brand new pool and spa" and "modern
tile flooring" in a "highly desired neighborhood in
Palm Springs" with "convenient access to downtown.".
As of the end of November, the average home
value in Palm Springs was $651,273,
down 2.5% compared to the same time in 2022.
Overall, the average price of a home
in California was $746,055,
an increase of 2.3% compared to 2022.
'Newsweek' reports that a chronic
lack of inventory has driven home prices
higher across other parts of California.
In addition to skyrocketing prices in the Golden State,
would-be homebuyers have struggled with high
mortgage rates, which has significantly impacted demand.
Meanwhile, in cities like San Francisco,
the cost of homes have fallen by
over 10% since peaking in 2022.