San Francisco, which had the greatest uptick in home values in recent years, now has the weakest market out of the nation’s top 100 metropolitan areas, with annual prices falling for the first time since 2011.
Single-family house prices in the San Francisco-Redwood City-South San Francisco area fell 2.5 percent in the first quarter of 2017, according to a report by the Federal Housing Finance Agency (FHFA). Meanwhile, home values in the United States rose 6 percent from a year earlier.
Although mortgage rates had risen late last year, there was no slowdown in house price appreciation across the country during the fourth quarter, said FHFA Deputy Chief Economist Andy Leventis in a video.
“Throughout the first quarter of this year, mortgage rates remained at the slightly higher levels, but once again price appreciation remained quite strong,” he said.
Among the 100 largest metropolitan areas in the United States, value increase was the highest in Grand Rapids-Wyoming, Michigan, with home prices rising nearly 14 percent year-on-year.
And the three states that had the highest annual appreciation were District of Columbia, Colorado, and Idaho.
