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Home prices are down in these California cities

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Published  October 21, 2024 9:32am PDT
Real Estate
FOX 11

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The Brief 

    • The total number of unsold homes, including homes that are under contract, increased by 22.9% compared with last year.
    • The median price of homes for sale this September decreased by 1.0% compared with last year, at $425,000. 
    • Homes spent 55 days on the market, the slowest September in five years. 

LOS ANGELES - More homes are hitting the U.S. housing market - and as a result, sellers are being forced to make price reductions to compete. 

According to the Realtor.com® September Housing Market Trends Report, the median home price dropped nearly $5,000 between August and September, from $429,990 to $425,000. 

Additionally, price reductions increased by 0.9% this September compared with the same time last year. 

"The percentage of homes with price reductions increased from 17.7% in September of last year to 18.6% this year," says Realtor.com senior economist Ralph McLaughlin in his recent analysis. "What’s more, the overall share of inventory with price cuts is 1.0 percentage points higher than the shares seen between September 2017 to September 2019."

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The U.S. housing market saw a 34% year-over-year growth in the number of homes for sale in September, while the total number of unsold homes jumped by 22.9% from the previous year.

"Home price reductions signal to homebuyers that homes are not moving as quickly as sellers anticipated, and thus they reduce prices in order to drum up more interest from buyers," said McLaughlin.

According to the report, you can find the most price-reduced homes in these three California cities:

  • San Francisco (#8 overall): Median list price - $997,500
  • Riverside (#9 overall): Median list price - $599,000
  • San Jose (#10 overall): Median list price - $1,432,170

Phoenix, Arizona topped the list with a median list price of $532,000, followed by Austin, Texas at $556,000. Denver, Colorado rounded out the top three with a median list price of $649,000. 

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To see the full top 10 list, tap or click here.