The West Coast has been home to some of the hottest housing markets in the country over the last five years, with Denver, San Francisco, San Jose, Los Angeles, and Seattle leading the way in home price appreciation.
But various pieces of housing data in the fall started indicating that maybe home prices had finally been pushed beyond people’s capacity to pay. First, homes started lingering on the market longer. Then the number of homes on the market started spiking dramatically. Throw in an increase in the number of price concessions, and it looked more and more like price drops are next.
And now, new data from Realtor.com offers the clearest sign yet that home price relief might finally be on the way for prospective homebuyers on the West Coast. Median listings prices—which is the middle price of all the real estate listings currently for sale—in markets across California, Colorado, Washington, and Oregon saw year-over-year declines in November, and when listings prices are lower, sale prices usually follow suit.
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