Some Areas of California , See House Values Plummet.<br />'Newsweek' reports that many areas across California, <br />typically one of the most expensive housing markets in <br />the United States, have experienced steep price drops.<br />One Palm Springs home, which sold in March for <br />$1,400,000, was put back on the market just two <br />months later and is now selling for just $635,000. .<br />That's a $765,000 price drop. .<br />The property was repeatedly listed, <br />removed and reposted on Zillow, <br />each time at a significantly lower price.<br />According to the listing, the three-bedroom, two bathroom <br />residence boasts a "brand new pool and spa" and "modern <br />tile flooring" in a "highly desired neighborhood in <br />Palm Springs" with "convenient access to downtown.".<br />As of the end of November, the average home <br />value in Palm Springs was $651,273, <br />down 2.5% compared to the same time in 2022.<br />Overall, the average price of a home <br />in California was $746,055, <br />an increase of 2.3% compared to 2022.<br />'Newsweek' reports that a chronic <br />lack of inventory has driven home prices <br />higher across other parts of California.<br />In addition to skyrocketing prices in the Golden State, <br />would-be homebuyers have struggled with high <br />mortgage rates, which has significantly impacted demand.<br />Meanwhile, in cities like San Francisco, <br />the cost of homes have fallen by <br />over 10% since peaking in 2022.
