U.S. Condo Market Faces Biggest Annual Price Decline Since 2012

U.S. condo prices have faced their largest annual price drop since 2012 – with prices falling 1.9% from the previous year in September and October, according to data from ICE. A decline in the condo sector illustrates shifts in the overall housing market – most condos are located in downtown areas, which has become less attractive to buyers. This shift, coupled with rising HOA fees, insurance premiums and maintenance costs are giving homebuyers pause. More than one in 10 condos had a lower estimated value in November than their most recent sales price and in nine metro areas, it was upwards of 25% of condos. Although these numbers seem grim, most condo owners have gained equity with the typical condo worth 43% more than its most recent sale price. 

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