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As a housing correction replaces a mid-pandemic homebuying boom, some of the nation’s most popular markets are reaching their tipping points, and San Francisco is no exception, Fortune reports. The most recent Case-Shiller National Home Price Index revealed that U.S. home prices fell 1.3% between June and August, but not all markets are resetting at an even pace.
Home price declines ranged from just -0.01% to -8.24% among the 20 major U.S. markets tracked by Fortune in August 2022, but among the fastest shifting metros in the country, San Francisco is leading the charge. Home to high-end real estate and tech hubs, spiking interest rates are pricing out a growing share of buyers, sending home prices 8.24% lower from June to August amid softening demand.
Just behind San Francisco are fellow high-cost West Coast markets like Seattle (down 6.92%), San Diego (down 5.44%), and Los Angeles (down 3.93%).
In the Northeast and Midwest, things are milder. Between June and August, markets like Cleveland (down 0.01%), New York (down 0.44%) and Boston (down 1.13%) barely fell. The reason? For starters those markets have less strained affordability. At least compared to markets like San Francisco, Seattle, and Phoenix.
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