San Francisco has seen a troubling decline in home prices, leading as the lowest-performing major market with a 4.5% decrease recently. Contrarily, New York City has been resilient, achieving a 7.2% increase year over year. Patterns indicate a cooldown in other previously booming areas like Seattle, San Diego, and Tampa. Economists predict slower price growth and a less competitive market due in part to rising inventory and ongoing affordability issues. External factors like wildfires and job cuts are also shaping the regional housing landscape as challenges emerge.
San Francisco continues to struggle as the lowest-performing major market, with a 4.5% decline in home prices during the last six months of 2024.
Experts expect slower price growth in early 2025 due to increasing inventory and persistent affordability challenges; the current home market remains dynamic.
In contrast, New York City saw a robust year-over-year increase in home prices, up 7.2% in December, maintaining strength amidst broader market slowdowns.
Despite challenges, Washington D.C. demonstrated a 5.6% increase in home prices for the year, yet faces uncertainties from job cuts and remote work trends.
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