The S&P CoreLogic Case Shiller home prices index is America\u2019s most widely regarded study of home valuations. Its latest edition, which is for December, showed that the increase in housing markets continues to slow. It also showed that one market is falling faster than all others year over year. The market is San Francisco, one of the most expensive housing markets in the country. (Click here to see where young people what to relocate to the most.)<\/p>\n
Nationally, home prices rose 5.8%. That is down from nearly 20% early last year. It was also down from 7.6% in November. Craig J. Lazzara, managing director at S&P DJI, commented, \u201cThe cooling in home prices that began in June 2022 continued through year end, as December marked the sixth consecutive month of declines for our National Composite Index.\u201d<\/p>\n
Home prices in San Francisco dropped 4.2% year over year in December. The only other city among the top 20 metros in the United States that had a drop was Seattle at 1.8%. Prices in several cities continued to surge. Tampa\u2019s rose 13.9% between the two periods, and Miami\u2019s rose 15.9%.<\/p>\n
While 4.2% does not seem large, home prices in San Francisco surged for a decade before the pandemic.<\/p>\n
San Francisco is the second most expensive city in the United States after neighbor San Jose. The median home price in the city is about $1 million.<\/p>\n \t\t\t\t