{"id":550967,"date":"2023-02-11T19:54:28","date_gmt":"2023-02-11T16:54:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/heres-where-home-prices-are-dropping-the-most-video\/"},"modified":"2023-02-11T19:54:28","modified_gmt":"2023-02-11T16:54:28","slug":"heres-where-home-prices-are-dropping-the-most-video","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/heres-where-home-prices-are-dropping-the-most-video\/","title":{"rendered":"#Here&#8217;s where home prices are dropping the most [Video]"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a387510099db\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a387510099db\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-where-home-prices-are-dropping-the-most-video\/#Heres_where_home_prices_are_dropping_the_most_Video\" >Here&#8217;s where home prices are dropping the most [Video]<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-where-home-prices-are-dropping-the-most-video\/#Overvalued_markets_will_see_sharpest_declines\" >Overvalued markets will see sharpest declines<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-where-home-prices-are-dropping-the-most-video\/#Some_markets_will_have_a_softer_landing\" >Some markets will have a softer landing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-where-home-prices-are-dropping-the-most-video\/#No_%E2%80%98catastrophic_decline_in_home_prices\" >No \u2018catastrophic decline\u2019 in home prices<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Heres_where_home_prices_are_dropping_the_most_Video\"><\/span>Here&#8217;s where home prices are dropping the most [Video]<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>Homebuyers are finally gaining leverage in the housing market, but where they can get the best discounts on home prices varies from metro to metro.<\/p>\n<p>Some of the most popular pandemic boomtowns such as Phoenix and Seattle, plus perennially popular West Coast cities like San Jose and San Francisco, posted home price declines of more than 10% from their 2022 peaks, according to December <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/www.blackknightinc.com\/black-knights-december-2022-mortgage-monitor\/\" data-ylk=\"slk:data;cpos:1;pos:1\" class=\"link rapid-noclick-resp\">data<\/a> from mortgage <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and data provider Black Knight Inc. That outpaced the average national decline of 5.3%, off their June 2022 peaks.<\/p>\n<p>That\u2019s a welcome sign for some buyers who are taking advantage of newfound purchasing power and seller incentives in today\u2019s market. Still, affordability remains a significant challenge this year, as home prices and still-high mortgage rates continue to dampen demand.<\/p>\n<p>\u201cWe\u2019re finally seeing real price corrections,\u201d John Downs, senior vice president of Vellum Mortgage, told Yahoo Finance. \u201cHome prices remain high, but they are better now and dropping.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Overvalued_markets_will_see_sharpest_declines\"><\/span><strong>Overvalued markets will see sharpest declines<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After mortgage rates surged to nearly 7% last year, home price growth began to slump across the country. As of December 2022, home prices had registered their sixth consecutive monthly decline \u2013 and Black Knight predicts those decreases will likely extend through 2023.<\/p>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>roximately 14 of the 50 largest markets are already showing signs of a sharp cooldown, the report found, with home prices falling by an average 6% or more from their 2022 peaks on a seasonally-adjusted basis. Among the metros evaluated, prices declined at a sharper rate in the West.<\/p>\n<p>San Francisco took the lead, with home prices there down 13% in December 2022 from their peak, Black Knight data showed. This was followed by San Jose ( down 12.7%), Seattle (down 11.3%), and Phoenix ( down 10.5%).<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 836px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:67%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"A sign is posted in front of new condominiums for sale on December 19, 2022 in Los Angeles, California. (Credit: Mario Tama\/Getty Images)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/4h1zK1tVBFlOxKn.2bhTIw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MzY-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/c41453cf2b78287ca82571bcd475c1aa\"><noscript><img decoding=\"async\" alt=\"A sign is posted in front of new condominiums for sale on December 19, 2022 in Los Angeles, California. (Credit: Mario Tama\/Getty Images)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/4h1zK1tVBFlOxKn.2bhTIw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MzY-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/c41453cf2b78287ca82571bcd475c1aa\" class=\"caas-img\"><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">A sign is posted in front of new condominiums for sale on December 19, 2022 in Los Angeles, California. (Credit: Mario Tama\/Getty Images)<\/figcaption><\/p>\n<\/figure>\n<p>Still, home prices remain elevated for many homebuyers. For instance, the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n home listing price in San Francisco was $1.3 million at year-end, according to <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/San-Francisco_CA\/overview\" data-ylk=\"slk:Realtor.com;cpos:2;pos:1\" class=\"link rapid-noclick-resp\">Realtor.com<\/a>, still up 3.7% year over year. However, the average home sold at $1.25 million, or 3.8% off the median listing price.<\/p>\n<p>\u201cBuyers, especially on the West Coast, know Seattle has been in a seller&#8217;s market for a decade, but they may be getting a short window to buy where they can use incentives to purchase and get ahead of the competition\u201d Jeff Reynolds, broker at Compass and founder of UrbanCondoSpaces.com, told Yahoo Finance. \u201cPeople would rather buy than wait around until there\u2019s multiple offer competition again.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Some_markets_will_have_a_softer_landing\"><\/span><strong>Some markets will have a softer landing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Some markets, though, will see a more modest retreat in home prices.<\/p>\n<p>According to Black Knight, only four of the top 50 markets didn\u2019t experience any price declines, including Kansas City, Indianapolis, Virginia Beach and Louisville, while 20 markets experienced price declines by up to 2%. Twelve metros saw declines from 3% and 5% from their peaks.<\/p>\n<p>A separate report from Goldman Sachs found that areas that have stronger affordability \u2014 where the monthly payment on a new mortgage costs roughly a quarter of monthly income, like in Philadelphia or Chicago \u2014 are likely to see a softer pullback in home prices compared with more expensive markets. By comparison, in the West, mortgage payments claim three-quarters of monthly income, Goldman Sachs found.<\/p>\n<p>\u201cIf you\u2019re a first-time buyer in a market like Washington, D.C., you know the last three years truly have been crazy,\u201d Downs said. \u201cBut prices are finally easing.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"No_%E2%80%98catastrophic_decline_in_home_prices\"><\/span><strong>No \u2018catastrophic decline\u2019 in home prices<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 828px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:67%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"A \" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/ChFrpWx0zr8tMgM6TTcugA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/cdfd3a03e953ebd6660124cf6f12a2c8\"><noscript><img decoding=\"async\" alt=\"A \" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/ChFrpWx0zr8tMgM6TTcugA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/cdfd3a03e953ebd6660124cf6f12a2c8\" class=\"caas-img\"><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">A &#8220;Reduced&#8221; sign sits in the front yard of a house for sale in Northeast Washington, DC. (Credit: Drew Angerer\/Getty Images)<\/figcaption><\/p>\n<\/figure>\n<p>According to Fannie Mae senior vice president and chief economist Doug Duncan, home prices will drop <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/www.fanniemae.com\/newsroom\/fannie-mae-news\/housing-sector-awaits-improvement-affordability-modest-recession-still-expected\" data-ylk=\"slk:6.7%;cpos:3;pos:1\" class=\"link rapid-noclick-resp\">6.7%<\/a> over the next two years, but there won\u2019t be a \u201ccatastrophic decline\u201d like the one witnessed during the Great Recession.<\/p>\n<p>The main concern for many economists and housing experts remains affordability.<\/p>\n<p>The national payment-to-income ratio is at 34.8%, according to Black Knight estimates. While that\u2019s down from 38.4% in October 2022, it remains above peak levels seen in 2006 prior to the Great Recession.<\/p>\n<p>That means that it now takes $600, or 41%, more to make the monthly payment for a 30-year mortgage on the average priced home \u2014 after putting 20% down \u2014 compared with a year ago.<\/p>\n<p>\u201cThe key question is what happens now to household incomes. If they strengthen and if employment stays reasonable, then eventually there&#8217;ll be an adjustment of the relative relationship between the incomes, mortgage rates, and home prices that will let consumers get back in the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>,\u201d Duncan told Yahoo Finance. \u201cThat&#8217;s our theme this year \u2014 it\u2019s all about affordability.\u201d<\/p>\n<p><em>Gabriella is a personal finance reporter at Yahoo Finance. Follow her on Twitter <\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/twitter.com\/__gabriellacruz\" data-ylk=\"slk:@__gabriellacruz;cpos:4;pos:1\" class=\"link rapid-noclick-resp\"><em>@__gabriellacruz<\/em><\/a><em>.<\/em><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:5;pos:1\" href=\"https:\/\/finance.yahoo.com\/topic\/economic-news\" data-ylk=\"slk:Click here for the latest economic news and economic indicators to help you in your investing decisions;cpos:5;pos:1\" class=\"link rapid-noclick-resp\"><strong>Click here for the latest economic news and economic indicators to help you in your investing decisions<\/strong><\/a><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:6;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/\" data-ylk=\"slk:Read the latest financial and business news from Yahoo Finance;cpos:6;pos:1\" class=\"link rapid-noclick-resp\"><strong>Read the latest financial and business news from Yahoo Finance<\/strong><\/a><\/p>\n<p><em>Download the Yahoo Finance app for <\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:7;pos:1\" href=\"https:\/\/itunes.apple.com\/ca\/app\/yahoo-finance\/id328412701?mt=8\" data-ylk=\"slk:Apple;cpos:7;pos:1\" class=\"link rapid-noclick-resp\"><em>Apple<\/em><\/a><em> or <\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:8;pos:1\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.yahoo.mobile.client.android.finance&amp;hl=en\" data-ylk=\"slk:Android;cpos:8;pos:1\" class=\"link rapid-noclick-resp\"><em>Android<\/em><\/a><\/p>\n<p><em>Follow Yahoo Finance on <\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:9;pos:1\" href=\"https:\/\/twitter.com\/YahooFinance\" data-ylk=\"slk:Twitter;cpos:9;pos:1\" class=\"link rapid-noclick-resp\"><em>Twitter<\/em><\/a><em>, <\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:10;pos:1\" href=\"https:\/\/www.facebook.com\/yahoofinance\/\" data-ylk=\"slk:Facebook;cpos:10;pos:1\" class=\"link rapid-noclick-resp\"><em>Facebook<\/em><\/a><em>, <\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:11;pos:1\" href=\"https:\/\/www.instagram.com\/yahoofinance\/?hl=en\" data-ylk=\"slk:Instagram;cpos:11;pos:1\" class=\"link rapid-noclick-resp\"><em>Instagram<\/em><\/a><em>, <\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:12;pos:1\" href=\"https:\/\/flipboard.com\/topic\/yahoofinance\" data-ylk=\"slk:Flipboard;cpos:12;pos:1\" class=\"link rapid-noclick-resp\"><em>Flipboard<\/em><\/a><em>, <\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:13;pos:1\" href=\"https:\/\/www.linkedin.com\/company\/yahoo-finance\" data-ylk=\"slk:LinkedIn;cpos:13;pos:1\" class=\"link rapid-noclick-resp\"><em>LinkedIn<\/em><\/a><em>, and<\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:14;pos:1\" href=\"http:\/\/youtube.com\/c\/yahoofinance?sub_confirmation=1\" data-ylk=\"slk:YouTube;cpos:14;pos:1\" class=\"link rapid-noclick-resp\"><em> YouTube<\/em><\/a><em>.<\/em><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><script async defer src=\"https:\/\/platform.instagram.com\/en_US\/embeds.js\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.aol.com\/finance\/map-heres-where-home-prices-165428620.html\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s where home prices are dropping the most [Video] Homebuyers are finally gaining leverage in the housing market, but where they can get the best discounts on home prices varies from metro to metro. Some of the most popular pandemic boomtowns such as Phoenix and Seattle, plus perennially popular West Coast cities like San Jose&#8230;<\/p>\n","protected":false},"author":1,"featured_media":550968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/IOnFNtGCu9PPAuFhqUMSmg--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD02NzU-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/54d76a968da3117aec86f2319f856b7b","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-550967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=550967"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/550968"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=550967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=550967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=550967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}