May 25, 2017
San Francisco home values fell for the first time since 2011, reversing a hot streak that pushed the market to the top of U.S. home price gains. It was the weakest market in Q1 2017, according to a Federal Housing Finance Agency index.
Bay Area single-family home prices dropped 2.5% from the previous year, which ranked it as the worst performer among the 100 largest U.S. metros. The biggest price gain was experienced in Grand Rapids, MI, which jumped 13.7%.
Data from CoreLogic Inc. showed a decline in values, too. In April, the median price for all home sales in San Francisco County dropped 4% to $1.3 million from a year earlier, and transaction volume dropped 12%.
Bay Area workers may find price deceleration a welcome relief. The booming tech industry helped push prices higher in recent years, which made real estate unaffordable for most buyers in the market.
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