The declines reflect both macroeconomic elements such as elevated mortgage rates and a recessionary outlook plus local factors that are reversing some of the big run-ups in prices seen in the past few years.
Prices in Oakland, California, saw the biggest drop percentage-wise, falling 16.1% or $174,500 less year over year, according to dataThe other notable declines occurred in Austin, Texas, where median prices fell 15.3% or $85,000; Boise, Idaho, where prices lost 15.1% in value or $80,000; and Salt Lake City, where the median decreased 10.9% or $60,000.
, according to Redfin. That’s the biggest drop on record in dollar terms and the largest decline since January 2012 in percentage terms. April marked the third consecutive month of year-over-year declines following roughly a decade of increases. The number of closed sales, or the final transfer of ownership from seller to buyer, have nearly halved in recent months across the Bay Area. For instance, April’s year-over-year closing transactions decreased 48.2% in San Jose, 44% in San Francisco, 43% in Stockton, and 42.
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