As rising mortgage rates continue to cool the housing market across the U.S., the Bay Area in July saw the largest monthly drop in home values of anywhere in the country, according to a new report from home listing site Zillow.
The average value of a single-family home in the San Jose-Sunnyvale-Santa Clara metro area fell 4.5% from June to July to $1.56 million. Home values in the San Francisco-Oakland-Berkeley metro, meanwhile, decreased 2.8% to $1.44 million.
Compare that to a .01% dip in value nationwide to $357,000.
