Real Estate

San Mateo County Home Prices Plummet: Report

Prices fell to $1.8 million, a 12 percent drop from June to July and a 20 percent fall from April, the report said.

SAN MATEO COUNTY, CA — Median single-family San Mateo County home prices saw a double-digit drop last month, The San Mateo Daily Journal reports.

Prices fell to $1.8 million, a 12 percent drop from June to July and a 20 percent fall from April, when the value of median single-family San Mateo County homes hit an all-time high of $2.25 million.

The report cites data from the San Mateo County Association of Realtors.

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Residential real estate prices have fallen nationwide in recent months, as higher interest rates enacted by the Federal Reserve to tamp down inflation has cooled off what’s been a red-hot market in recent years.

California's median home price fell 3.5 percent in July, the California Association of Realtors said in a news release.

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