This article from CNN does a nice job of walking us thru the twists and turns of the real estate market over the last couple of years. And, thankfully, except for one expectation from Lawrence Yun chief economist at NAR, it does not make predictions about the future.
CNN BUSINESS
Prices for single-family homes are falling in these cities
Updated 9:17 AM EST, Mon February 20, 2023
Washington, DCCNN — Home prices are going up across the country — in aggregate. Looking at individual markets, however, some are showing prices have fallen from a year ago.
Single-family median home prices increased 4% in the fourth quarter from a year ago to $378,700. Prices were strongest in the Northeast in the last quarter, up 5.3%; followed by the South, up 4.9%; the Midwest, up 4% and the West, up 2.6%, according to the National Association of Realtors.
But drill down to the market level and it’s clear that prices in some areas are declining from the prior year. The positive regional numbers mask that about 11% of individual housing markets tracked by NAR — 20 of 186 cities — experienced home price declines in the fourth quarter of last year.
“A few markets may see double-digit price drops, especially some of the more expensive parts of the country, which have also seen weaker employment and higher instances of residents moving to other areas,” said Lawrence Yun, NAR’s chief economist.
Nearly all of the most expensive places to buy are in the West and half of the 10 most expensive cities are in California. Several of those places are seeing prices fall the most.
San Jose, California, was the most expensive place to purchase a home in the United States in the fourth quarter. But that median price of $1,577,500 is actually down 5.8% from a year ago — and prices there have already dropped 17% from the peak $1,900,000 median price in the second quarter of last year, according to NAR.
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In the Catalina Foothills (85718 / 85750)
Q4 2022 median sold prices were up 6.2% over Q4 2021 // $741,250 v $697,575
however,
Q4 2022 MSP is down 10% from its short lived tippy-top peak in June/July of 2022 // $741,250 v $825,000
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There is a lot more to this article,
Continue Reading it at CNN BUSINESS
John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164
see TheFoothillsToday.com
to see all the homes for sale in the Catalina Foothills
(and only in the Catalina Foothills)