Housing prices in the San Francisco Bay Area dropped 7% from May to June 2022, their largest drop on record since records have been kept starting in 1990, amid an exodus from the troubled city, economic uncertainty, and rising interest rates.
The San Jose Mercury News reported:
What’s behind the record price drop? Real estate experts point to rising interest rates squeezing buyers, more homes staying longer on the market and an increasingly uncertain economy — all signaling the Bay Area housing market may have peaked after prices hit all-time highs earlier this year.
In the core Bay Area, Alameda County saw the largest monthly price drop of 8% to $1.42 million. That was followed by San Francisco County with a 6% decline to $1.9 million, Santa Clara County with a 6% drop to $1.82 million, Contra Costa County with a 5% dip to $976,940 and San Mateo County with a 3% drop to $2.16 million.
Still, Bay Area home prices were up 5% in June compared to the same time a year ago. But some counties did see year-over-year drops, including San Mateo (-5%), San Francisco (-3%) and Contra Costa (-1%).
As Breitbart News recently noted, the San Francisco area has been experiencing an exodus of residents and wealth, thanks in part to the pandemic, rising crime, and other factors. The city of San Francisco itself suffered a 6.3% population loss between July 2020 and July 2021, by far the largest of any American city.
Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). He is the author of the recent e-book, Neither Free nor Fair: The 2020 U.S. Presidential Election. His recent book, RED NOVEMBER, tells the story of the 2020 Democratic presidential primary from a conservative perspective. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter at @joelpollak.