San Jose recorded the steepest drop in home prices during the second quarter among the top 50 US markets, a 5.1% decline that saw average home prices in the heart of Silicon Valley plunge $75,000 from April’s record high of $1.56M to $1.49M by the end of June.

According to a new report from Black Knight, home prices dropped in 12 of the 50 major markets in Q2, with Seattle (-3.8%), San Francisco (-2.8%), San Diego (-2%) and Denver (-1.4%) seeing the sharpest pullbacks on home prices.

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