SF Bay Area Housing Prices Suffer Largest OneMonth Drop On Record

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Looks like some markets are begining to feel the effects of higher interest rates, a "non-recession" recession, and loss of confidence in the job market. I'm sure it's just temporary & will heal like pulling a scab off your face, but it will sure look ugly.

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In fact, housing prices in the nine-county region suffered their largest one-month drop on record, falling 7% from May to June, with median prices of existing single-family houses dropping from $1.5 million to $1.4 million, according to the , citing the California Association of Realtors.

"From this point on we probably won’t see another record price, at least for this year, for either the Bay Area or for the state," said Oscar Wei, deputy chief economist with the California Association of Realtors, who noted that it's uncommon to see such a sharp decline in June - which is typically the busy summer home-buying season.