Bay Area cities have experienced some of the biggest drops in home prices across the country, according to a new study evaluating typical home values from May 2022 to May 2023.
, San Francisco was the largest city in the top 10 list for price reductions, with home values falling by 13% from 2022 to 2023. Palo Alto and Dublin saw similar declines. The company used Zillow Home Value Index data from May 2022 and May 2023 for single-family homes, condos and housing co-ops.
Corey Smith is the executive director of Housing Action Coalition, a San Francisco-based nonprofit advocating for affordable housing. He's seen people leave the region due to housing costs, paired with new remote work opportunities. According to the state's report, Alameda County had some of the highest housing growth in the state. Alameda County is also home to the majority of the California cities that saw a drop in housing prices this past year.
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