In a homebuying world that’s become unaffordable for many Americans – no less most Californians – it’s good news for house hunters when home prices decline.
Now, most merchants facing sinking demand for their goods would drop prices and brag about the discounts. Curiously, that price-cutting logic seldom applies to home sales.
Ponder the second half of home pricing in the last six months of 2022 where 90% of 186 U.S. housing markets had price drops, according to my trusty spreadsheet’s review of stats from the National Association of Realtors. It was a swift turnabout from the first half of 2022 when just 1% of markets had price dips.