The plunge in housing prices in San Jose this past spring was the steepest of any large city in the U.S.
From April to June in the South Bay city, home prices fell an average of $75,000, which is the most among the 50 top U.S. markets, the Silicon Valley Business Journal reported, citing a new study.
The average home price in San Jose decreased from $1.56 million in April to $1.49 million two months later, which is a 5.1 percent decline, according to a report from Black Knight.
Home prices also cooled over the two-month period in 11 other top 50 markets, with seven seeing prices fall by at least 1 percent.
California alone had four cities on the list, including San Francisco, where average home prices fell by 2.8 percent, San Diego was down 2 percent, Los Angeles was down 1.3 and Sacramento was down 1.1-percent.
Riverside fell somewhere in the middle of the declining cities and was down 0.7 percent.
Despite those rough two months, average home prices are still up from a year ago in those declining markets. But prices are rising slower on an annualized basis than they were prior to the spring.
San Jose’s housing price growth is down 11.4 percent from its highest point over the past year, while Riverside is down 10.5 percent, San Diego is down 9.8 percent and San Francisco is down 9.6 percent.
You’ll need to look in Texas to find the city that’s seen its housing appreciation fall the most. In its capital city of Austin, the annualized price increase fell 22 percent.
– Dana Bartholomew
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