Is the Stockton SFR Market Dropping?

Question

Hey Everyone, obviously everyone has their own opinion of the Real estate market in its entirety but it seems like the Market is shifting more so in less desirable areas like Stockton, California.

Any economic Pros out there can dive a little deeper on this subject so I am able to explain this better to my Clients?

Stockton, CA Average Home price Data From August-October 2021

Redfin

• August $422,750 
• September $421,250 
• October $403,000

Zillow

• August $421,000 
• September $429,000 
• October No info

Realtor

• August $425,500 
• September $420,000 
• October $400,000

Sources:

Redfin

Realtor

Zillow

Bill B. · Answer

I’m going to bet that’s not the average property value but rather the average price of properties that were sold. Which means you can simply have people with money staying put or off on vacation while more and more people are looking to buy their first home and get out of apartments. (Or out of condos which would give you 2 low priced sales.) You could have older people in older homes passing away or moving in with family or assisted living. 10’s if not 100’s of explanations.

If this was actual average home values. I assume there would be articles like “the only place in America with declining home prices”.  Or “desperate to buy a home, here’s the only palace getting cheaper.”