Condo prices across California are being slashed by sellers, as high mortgage rates keeps discouraging buyers from purchasing properties.
Condo owners in parts of California are slashing asking prices by as much as 40 percent for their properties listed for sale on Zillow, according to data available on the real estate marketplace app.As of Wednesday morning, there were a total of 8,476 condos listed for sale on Zillow across all of California. Of these, 1,973 have had their initial asking price reduced by sellers. A majority of these price reductions on condos were focused around San Francisco, San Jose and Los Angeles.
It was ultimately sold for $1,167,500 on June 3—at least a 41 percent drop from the price it sold for almost a decade ago, and despite the fact that house prices are again on the rise in the city.Read more: How to Acquire and Establish a Rental PropertyIn April, according to the latest data made available by Redfin, the median sale price of a home in San Francisco was $1,400,000, up 3.7 percent compared to a year earlier.Newsweek contacted Zillow for comment by email on Wednesday morning.
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