The Bay Area has the worst performing housing market in the nation, according to a new report.
Parcl Labs, which tracks the housing market, said that prices in the Bay have dropped a staggering 24% from their peak last summer -- more than double the national average of 10%.
Analysts say that’s partly because people have been moving away, meaning there’s more supply than demand.
The co-founder of Parcl Labs says it has a lot to do with interest rates.
“So if you see indications of mortgage rates coming down, particularly a big decline in interest rates for mortgages, then you can expect home prices to go up over the subsequent two months,” said Jason Lewris.
Based on these trends, Lewris said home buyers could have more leverage to negotiate a good deal as the spring housing market heats up.
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