A recent report from Redfin says that home prices saw their first year-over-year price decrease since 2012. According to their research, the median price of a home (in the metros Redfin tracks) was $295,100, down 0.1% from 2018. They say that while this barely registers as a decline, it’s the first year-over-year price decrease on record since early 2012 when the median home sale price bottomed out at $171,600. Interestingly they point out double-digit declines in areas of the west coast – California in particular – while several markets on the east coast saw big annual gains. Indeed…actions have consequences:
”Homebuyers have backed off in West Coast metros where home prices have risen far out of their budgets,” said Redfin chief economist Daryl Fairweather. “The opposite is happening in more affordable metros where buyers are eager to buy now to take advantage of low mortgage rates. In California, where the tax burden is high, some people are finding they have to move out of state to afford to buy a home. As a result, home sales are down in metros throughout the state.”
Click here to read the full report on Redfin.com.
