California Home Prices Take a Tumble, With Double-Digit Drops in Major Cities
-
Home prices in California have dropped dramatically, especially in downtown San Francisco where condo prices are the lowest in 10 years.
-
Several major California cities like San Francisco, Palo Alto, Santa Cruz, and Fremont have seen double-digit percent declines in home prices year-over-year.
-
Listings show some homes have faced millions in price reductions after months on the market without selling.
-
The federal interest rate outlook points to rates potentially declining soon, which could stop falling prices.
-
Analysts forecast modest price growth in 2023 if low inventory persists, mirroring the national trend.