Surprisingly Fall of Inflating Home Prices in the 5 Expensive Cities

Sharing is caring!

For more than a year ago, America’s real estate markets had been a heated topsy-turvy world for buyers because of constantly boost up of home prices. But then the last fall came the news of housing cool down, as expensive cities’ home prices began to drop down. Here is the list of cities enjoying the breakdown of bumped up housing price.

1. San Jose, CA
Median list price: $1.1 million
Median list price change: -8.4%

Prices in the upmarket area like San Jose, have come down owing to federal tax law changes. Now, homeowners just have to deduct only up to $10,000 in regard to property and income taxes combined. Along with it, the reduction in the mortgage interest rate has also contributed to turning homes inventory into affordable for buyers.

2. Oxnard, CA
Median list price: $681,100
Median list price change: -5.4%

Thomas fire, the largest wildfire in California history, victimized more than 1,000 homes in Ventura County, part of the Oxnard metro, and neighboring regions. In the disastrous moments, some victims evacuated the region rather than undergoing the tiresome process of rebuilding. This accorded a decrease in homes inventory’s demand in that area, and low demand for homes inventory resulted in the decline of the prices.

3. College Station, TX
Median list price: $265,000
Median list price change: -5.4%

The 64,000 Texas A&M University students plus all the faculty and staff need lots of houses to reside. Investors are expected to take many of such properties to rent them out, and buyers have more chances to find the right one and tuning the prices down. The abundant supply of new homes in this market caused prices to collapse.

4. San Francisco, CA
Median list price: $948,300
Median list price change: -4.1%

San Francisco is the second-most expensive metro in the nation, after San Jose, where prices sprang 10% from April 2017 to April 2018, that caused low home sales. Whereas housing sale is increasing in lower-priced regions nearby, such as Oakland, which is drawing down the metro’s median list price.

5. Hilo, HI
Median list price: $481,600
Median list price change: -3.5%

Last May, the Kilauea Volcano spouted a miles-long lava stream through the beautiful Island of Hawaii—famous for Polynesian paradise. This shattered the popular image of the island and declined the attraction of rich foreign investment and tourist attraction, which comes out in lowering the demand of home inventory, thus a little decline in home prices.

Leave a Reply