Data from December 2022 shows us that home prices in California are unquestionably going back down. December 2022’s median home price of $774,580 was just barely below November 2022’s median price, only by 0.4%. This isn’t necessarily a trend, but what is a trend is that it’s 2.8% below prices at the end of 2021. Home prices are down in every major region of California, and across both single-family residences and condos. However, all regions except for the San Francisco Bay Area had at least one county experience price growth.
The far northern regions of California had the most notable shifts. Year-over-year, prices are down a whopping 41.8% in Lassen County. Granted, this isn’t a massive dollar value given that Lassen County is the least expensive county in the state, with a median home price of just $170,000 in December 2022. Even so, it was actually the third cheapest at the end of 2021 — both Del Norte County and Siskiyou County were cheaper in December 2021, but both actually experienced price growth this past year. In fact, Del Norte was the county that had the most significant price growth at 13.8%. Del Norte and Siskiyou counties both border Oregon, and Lassen County is just south of Modoc County, which also borders Oregon but is not included in the rankings.