Home worths drop in majority of United States off pandemic peaks

"Study says" looks at numerous rankings and scorecards evaluating geographic locations while noting these grades are best seen as a mix of artistic analysis and data.

Buzz: Home values have decreased from pandemic-era peaks in majority the states and metropolitan areas, according to some new rate data.

Source: My dependable spreadsheet examined home-price indexes created by Freddie Mac for all U.S. states, Washington, D.C., and 382 metropolitan areas. These "paired sales" benchmarks track values by comparing cost modifications in specific single-family homes and townhouses based on data from sales deals and loan refinancings.

Topline

Let's first consider the fall from house rates's excessive heights, found inside Freddie Mac's information.

Prices are off 2022 highs in 31 of the 50 states and Washington, D.C. They've also fallen from pandemic peaks in 199 of the 382 cities tracked. And costs were off all-time tops in all 26 California cities studied.

Still, in every state and metro, prices remain above February 2020-- and most of the times vales are far greater than the last month before the coronavirus upended realty markets and the economy.

Biggest state drops

The most significant drops among the states were in a decidedly Western collection. Here are the 10 largest declines from last year's rate pinnacle and their remaining gains from February 2020 …….

Oregon: Off 5.6% from peak and up 30% in pandemic.

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Colorado: Off 5.2% from peak and up 34% in pandemic.

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Vermont: Off 4.4% from peak and up 40% in pandemic.

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Biggest metro drops

The sharpest declines in cities were mainly in California, Idaho and Nevada markets. The 10 biggest dips from 2022 highs, and gain from February 2020 …….

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1. Boise: Off 13.1% from peak and up 40 %in pandemic.
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2. Carson City: Off 12.2% from peak and up 26% in pandemic.
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3. Austin: Off 11.3% from peak and up 43% in pandemic.
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4. San Francisco: Off 10.7% from peak and up 13% in pandemic.
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5. Coeur d'Alene: Off 10.6% from peak and up 52% in pandemic.
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6. Idaho Falls: Off 10.5% from peak and up 47% in pandemic.
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7. Sacramento: Off 9.7% from peak and up 26% in pandemic.
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8. Santa Cruz: Off 9.3% from peak and up 23% in pandemic.
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9. Stockton: Off 9.3% from peak and up 31% in pandemic.
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10. Reno: Off 9.2% from peak and up 31% in pandemic.
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Bottom line

In 2015's soaring home mortgage rates cooled a searing feeding frenzy for homes. The result iced house sales and cost drops in much of the nation.

House hunters can hope that reduced prices, together with modestly lower home loan rates, will produce a more buyer-friendly market in the rest of 2023.

Around California

Contemplate the drop from peak prices in other Golden State metros, ranked by size of the fall …….

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• Napa: Off 8.2% from peak, up 17% in pandemic.
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• Vallejo: Off 7.8% from peak, up 24% in pandemic.
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• Yuba City: Off 7.5% from peak, up 29% in pandemic.
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• San Diego: Off 7.2% from peak, up 35% in pandemic.
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• Modesto: Off 7% from peak, up 31% in pandemic.
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• Merced: Off 6.9% from peak, up 34% in pandemic.
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• San Jose: Off 6.5% from peak, up 17% in pandemic.
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• Chico: Off 6.4% from peak, up 19% in pandemic.
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• Los Angeles-Orange County: Off 6.3% from peak, up 27% in pandemic.
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• Salinas: Off 6.1% from peak, up 30% in pandemic.
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• Santa Rosa: Off 6.1% from peak, up 17% in pandemic.
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• Ventura County: Off 5.8% from peak, up 28% in pandemic.
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• Madera: Off 5.3% from peak, up 37% in pandemic.
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• San Luis Obispo: Off 4.5% from peak, up 32% in pandemic.
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• Santa Barbara: Off 4.4% from peak, up 34% in pandemic.
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• Inland Empire: Off 4.3% from peak, up 44% in pandemic.
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• Redding: Off 4.2% from peak, up 28% in pandemic.
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• El Centro: Off 3.6% from peak, up 36% in pandemic.
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• Bakersfield: Off 2.7% from peak, up 39% in pandemic.
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• Fresno: Off 2.7% from peak, up 37% in pandemic.
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• Visalia: Off 1.5% from peak, up 41% in pandemic.
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• Hanford: Off 1% from peak, up 38% in pandemic.
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Jonathan Lansner is business writer for the Southern California News Group. He can be reached at jlansner@scng.com.