Home price growth widens as markets split along wealth lines
At the same time, some formerly hot markets are cooling sharply. Rochester, N.Y., posted a three-month price decline of -1.8%, the steepest drop among large metros.
New York City and Nassau County/Long Island still registered positive annual gains of 1.6% and 3.4%, respectively, but both recorded negative three-month price movements.
Tech wealth and a two-speed West Coast
On the opposite end of the spectrum, San Francisco posted the highest year-over-year appreciation among the 100 largest US metros at 8.9%, with 7.6 percentage points of that gain occurring in just the past 90 days.
Cotality attributed the surge to artificial intelligence investment and the wealth creation flowing from the tech sector.
Meanwhile, the Sun Belt’s early-2020s boomtowns appear to be stabilizing rather than correcting. Austin, Texas, remains down 2.8% year over year, and Cape Coral–Fort Myers, Fla., is off 3.3%, but their three-month price changes have nearly flatlined at -0.01% and -0.13%.
