Home Prices Drop As Housing Market Cools In NorCal

Three California metro areas are among the housing markets “cooling off most,” according to a recent study from SmartAsset.

SmartAsset, a financial advice resource, analyzed the 100 largest metro areas to determine the housing markets that have cooled down the most. The company compared 2021 and 2022 data across eight metrics, split into two categories: price reduction and decreased demand.

Boise, Idaho, has cooled the fastest, according to the report. However, three California metro areas, including the San Jose-Sunnyvale-Santa Clara area, rank among the top 10 places where the housing market has cooled off the most.

“In these areas, homes are staying on the market longer relative to a year ago — nearly double the amount of time,” the report said. “Moreover, all three areas have seen over a 33 percent decrease in the number of houses sold monthly from August 2021 to August 2022.”

The San Jose-Sunnyvale-Santa Clara metro area came in fourth, according to the report. The San Diego-Chula Vista-Carlsbad metro area ranked eighth, and the Stockton metro area ranked 10th.

Article source: https://patch.com/california/san-francisco/home-prices-drop-housing-market-cools-norcal

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