Since the beginning of the pandemic, the real estate market has followed an unpredictable course. Some cities and regions have seen significant booms, while the value of property in others has declined. As revealed by a new report on home prices from Zillow, some of those changes might surprise you — including year over year price drops in the tech hubs of San Francisco and Austin.
According to Zillow’s analysis, home prices in Austin are down 11.2% from this time last year, and are down 9.3% in San Francisco over a comparable period; in San Jose, they have dropped 8.4%. The highest growth in home prices since last year can be found in Richmond, up 5.8%, and Miami, up 5.4%.
Home values are one thing; home prices are another. It’s worth pointing out here that home prices have gone up month-to-month in San Jose by 1.9%. Zillow’s report also points to a strange trend: the number of new home listings in May 2023 is down 23% from a similar figure in May 2022.
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Some of this data points to a rollercoaster-esque dynamic within the housing market. Other data feels a bit contradictory. Earlier this year, a Forbes article bore the headline “Things are getting really weird in the housing market.” This data doesn’t necessarily explain how we got to that point, but it does offer some guidance as to the contradictions afoot when looking for a new home in certain areas right now.
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