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.
The company's latest Mortgage Monitor Report said the downward trend in home prices in June marked the greatest deceleration in US home price growth on record, a slump not seen in nearly 50 years.
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