California home prices down 8.7% since May

The median single-family home price in California dropped to $821,680 in September which is a decline of 2.1 percent from August and down 8.7 percent from the peak in May. Of course, these numbers are relative and this decline is still up 42 percent from February 2020.

In the Bay Area, the median in September is $1.26 million, down 0.5% from August and a whopping 16.5 percent from May, but still up 38 percent from February 2020.

As for the future, the California Association of Realtors predicts a drop of 9 percent in the median price statewide for all of 2023.

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