Home Prices falling??

Home Prices Falling??  In certain areas of certain states, they are falling.  Here are the 12 states with the highest declines in home values (courtesy of Bigger Pockets).  Here in the Coachella Valley, there are areas amongst our 9 desert cities which have declined in values, especially those homes which were purchased in 2022-2023.  My recent short sales have been homes purchased in that window which now appears to have been our most recent peak in home prices.  Local resident/agent, Kim Kelly can give you a current property assessment of value.  760-285-3578.

Home Prices Falling in these 12 states

1.  Washington, DC:  Down 3% over last year, mostly due to job uncertainty.

2.  Florida:  Certain cities such as Ocala, Naples, Punta Gorda, and Cape Coral, have dropped 2.3% over last year.  Even with no state income tax, rising insurance costs continue to impact value.

3.  South Dakota:  This state has seen a value drop over last year of 2.96%.

4.  Montana:  Values have declined 1.52% from last year

5.  Colorado.  Home values are looking at 1.31% lower

6.  Texas home values have dropped .94%

7.  Washington state has seen a drop of .67%

8.  Arizona home values have declined .56% from last year.

9.  Hawaii is looking at the same drop as AZ at .56%

10.  Oregon prices are down .49%

11.  California overall prices have only declined .04% from last year

12.  Nevada home prices declines are aligned with California at just .03% drop from last year.

So, California has come down a little, but mostly the residential properties are moving laterally.  The luxury market is strong, entry level has come down a little, and the mid range homes are moving slower, but still selling.  Land values have come down in price/acre mostly due to lack of power to the sites.