Western US Cities Offer Affordable Home Prices Amidst Fluctuations, Says Real Estate Analysis

A recent real estate analysis suggests that Americans seeking to purchase a home in more affordable markets may find success in the western region of the US beyond Texas.

The report from mortgage analytics firm Black Knight reveals that home prices have decreased in 12 of the largest metropolitan areas in the West, including San Jose, California, which saw a decline of 10.5%, San Francisco, which dropped by 10.3%, and Seattle, which fell by 7.5%. Meanwhile, prices in 40 major cities west of Colorado rose during the same period, with Miami experiencing an increase of 12%, Orlando, Florida, rising by 9.3%, and Buffalo, New York, going up by 8.3%.According to Holden Lewis, a home and mortgage expert at NerdWallet, the fluctuation in prices can be attributed to the Federal Reserve’s efforts to combat inflation.

Lewis explains that house prices were already high in the western region and were further inflated when the Fed lowered interest rates at the start of the pandemic, leading to a bidding war. In contrast, home prices in the eastern region did not begin as high, which allowed more people to afford homes, thereby keeping prices relatively stable.

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