California has seen one of the fastest run-ups in statewide home prices this year, but as the for-sale market slows, it’s now seeing the most substantial price declines in the country. San Francisco, San Jose, San Diego, Los Angeles, Sacramento, and Oxnard have all seen home prices fall more than 5% from their 2022 peaks, but California isn’t the only state seeing a sudden reversal in home price growth.
Of all U.S. cities with the biggest price declines from their peak home value, Austin, TX is single-handedly outpacing all other regional markets with a 10.2% decline as of October 31, 2022, Insider reports.
In separate data from the California Association of Realtors that highlights the third-quarter of 2022, the state's median home price was $829,760 for the period, a steep 48% increase over the typical US home price of $398,500. In other words, with the state's median income for a 4-person household being $98,644, only 18% of households in the state could afford the cost of a typical California home.
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