The Most Splendid Housing Bubbles in America, April Update: Year-over-Year Price Drops Worsen in San Francisco, Seattle, San Diego, Portland, Las Vegas, Phoenix, Los Angeles, Denver

Posted on May 2, 2023 by admin | 205 Comments

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Even Miami lost ground. Spring selling season is a dud so far. And the banking crisis hasn’t even made it into the data yet. That’s still to come.

Spring selling season is here, but so far, it’s a dud. In some markets, home prices fell from the prior month, despite spring selling season: Miami, Seattle, Las Vegas, Portland, New York City, Dallas, for example.

In other markets, prices ticked up from the prior month, but a lot less than a year ago, and so year-over-year, even in those markets, home prices either fell further, or the year-over-year gain was further reduced. This is based on today’s release of the S&P CoreLogic Case-Shiller Home Price Index today.

For example, in the San Diego metro, house prices rose 1.5% from the prior month, but because that increase was a lot less than the increase in the same month last year, the year-over-year decline worsened to -4.1%, from -1.3% last month. San Diego’s year-over-year percentage change illustrates the principle of how the housing market is still worsening even with a seasonal uptick because that uptick was less than in the same period a year ago: