Single-Family Home Prices Fall 11-26% in 15 Major US Cities; San Francisco Drops Off List as AI Money Surges
According to Wolf Richter for WOLF STREET, mid-tier single-family home prices in 15 major US cities and counties have fallen between 11% and 26% as of July. This represents an increase from the previous year, when only 10 markets experienced decreases of at least 8%. Austin tops the list with a 26% reduction, followed closely by Oakland at 24%. Other notable declines include Hayward (-13%), Contra Costa County (-12%), McKinney (-14%), and Fort Worth (-11%). The Dallas-Fort Worth region has two cities listed, with builders providing incentives. Three counties in Florida are also impacted, while San Francisco's drop has moderated to 6%. Pending home sales are nearing record lows, particularly in the West and South.
Key facts
- Mid-tier single-family home prices fell 11% to 26% in 15 bigger US cities/counties through July.
- The cutoff for the list was raised to -11% from -10% for July.
- A year ago, the cutoff was 8%, the list had 10 markets, and declines topped at 22%.
- Most markets peaked in mid-2022, but two peaked in 2024.
- Austin had the steepest decline at -26%, followed by Oakland at -24%.
- San Francisco dropped off the list with a -6% decline, down from -15% a year earlier, due to AI money from Anthropic.
- The Dallas-Fort Worth area has two cities on the list: McKinney (-14%) and Fort Worth (-11%), with homebuilders offering incentives.
- Data comes from the Zillow Home Value Index (ZHVI), based on millions of data points, not median prices.
Entities
Artists
- Wolf Richter
Institutions
- Zillow
- Anthropic
Locations
- Austin
- Oakland
- Hayward
- Contra Costa County
- McKinney
- Fort Worth
- San Francisco
- San Antonio
- Houston
- Corpus Christi
- Sacramento
- Stockton
- San Jose
- San Diego
- Los Angeles
- Dallas
- Frisco
- Garland
- Plano
- Arlington
- Concord
- Antioch
- Pittsburg
- Walnut Creek
- Richmond
- San Ramon
- Dallas-Fort Worth Area
- Texas
- California
- Florida
- United States
- West
- South