US Home Prices Fall Most in Oakland, CA and Other Cities: A Guide for Homebuyers

Home prices are falling in the US, with Oakland, California, leading the decline. Home-price growth slowed in May, with some metros seeing declines, according to a Redfin report. Buyers are gaining the upper hand in the housing market as homes sit on the market for longer. Redfin predicts that home prices will begin to show year-over-year declines by the end of 2025. Florida and Texas saw the most cancellations in May, with San Antonio and Orlando having cancellation rates of 21% and 20%, respectively.

Home prices in the United States are showing signs of a slowdown, with Oakland, California, leading the decline. According to a recent Redfin report, home-price growth slowed in May, with some metropolitan areas experiencing declines. This shift reflects a cooling housing market where buyers are gaining the upper hand as homes remain on the market for longer periods [1].

In Oakland, the median home sale price in May was $969,000, a 25% decrease from the previous year. This significant drop is attributed to an increase in the number of homes available for sale and a decrease in demand. The median days on market increased to 33 days, indicating that homes are taking longer to sell [2].

The housing market's shift is further underscored by the cancellation rates in Florida and Texas. In May, San Antonio and Orlando saw cancellation rates of 21% and 20%, respectively, indicating a significant decrease in home-buying activity [1].

Verra Mobility Corp (VRRM), a leader in smart mobility technology solutions, has also been active in Oakland. The company announced a partnership with the City of Oakland to implement a speed safety program. This initiative, approved by Oakland's City Council, aims to deploy advanced automated technology across 18 high-risk corridors to address speeding issues and enhance traffic safety [3].

Despite these changes, the housing market remains challenging for buyers. The median monthly housing payment is close to record levels, showing that many buyers still face significant financial hurdles in affording a home [1].

In conclusion, the U.S. housing market is experiencing a cooling trend, with Oakland leading the way in home-price declines. Buyers are gaining more negotiating power, and homes are taking longer to sell. However, the market remains challenging for buyers due to high prices and financial constraints. Redfin predicts that home prices could begin to show year-over-year declines by the end of 2025, reflecting the ongoing adjustments in the housing market.

References:
[1] https://www.newsweek.com/us-house-prices-record-high-2088772
[2] https://www.redoakrealty.com/market-insights/oakland
[3] https://www.gurufocus.com/news/2934249/verra-mobility-corp-vrrm-partners-with-oakland-for-speed-safety-program-vrrm-stock-news