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<\/a>But other courageous purchasers decided to go all in on homeownership. They seized the chance to purchase in a desperate “now or never” endeavor to ultimately become homeowners, even in the face of historically high mortgage rates.<\/p>\n\n\n\n
When September 2023 arrived, many of these buyers saw their homes depreciate in value. In several of the biggest American cities, annual price declines have resulted in new homeowners having to sell their properties for less than what they originally purchased.<\/p>\n\n\n\n
Point2Homes<\/a> examined data from the 100 largest U.S. markets and discovered price corrections are walloping condo owners in 36 cities and single-family owners in 25 markets.<\/p>\n\n\n\n San Francisco and Memphis hit hard<\/strong><\/p>\n\n\n\n Since purchasing their properties last year, single-family homeowners in these areas have experienced daily value losses of up to $223. At the same time, condo owners have witnessed even more significant losses: The average daily loss of a San Francisco<\/a> condo owner amounts to $122,500, dangerously close to the typical income (almost $182,000) in the city.<\/p>\n\n\n\n In 15 cities, condo and single-family homeowners are experiencing home value losses.<\/p>\n\n\n\n For single-family homeowners, 25 cities saw price declines. Memphis<\/a> has experienced the greatest percentage decline (17.1 percent), while San Francisco and Oakland, California,<\/a> have experienced the most net price decreases (-$81,250 and -$62,988 respectively).<\/p>\n\n\n\n Memphis saw the largest decline in single-family home prices and the second-largest drop in condo prices. This decrease may be due to growing inventory turning Memphis into a buyers’ market: Memphis’s inventory has increased by 24 percent since September 2022, trailing only El Paso, Texas<\/a>, where supply has increased by 36 percent during the same period.<\/p>\n\n\n\n Thirty-six cities saw price declines for condominium owners. Henderson, Nevada,<\/a> Memphis, New York City<\/a>, and San Francisco all experienced drops of more than 10 percent.<\/p>\n The U.S. real estate market is not for the timid. Another period of heart-stopping inflation, soaring mortgage rates, uncontrollably rising prices, and widespread worry about homeownership followed the unanticipated rollercoaster that was the pandemic.<\/p>\n","protected":false},"author":49,"featured_media":228085,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2023-11-22T19:56:18Z","apple_news_api_id":"53dd56ee-3e91-4be6-99f9-feec0628ac51","apple_news_api_modified_at":"2023-11-22T19:56:18Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AU91W7j6RS-aZ-f7sBiisUQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[],"coauthors":[10332],"apple_news_notices":[],"yoast_head":"\n