Here's what's causing Oakland home values to drop

Oakland home values fall 11% since last year

Red Oak Realtor Diedre Joyner explains why Oakland home values are dropping - it's mostly condos that are dragging the numbers down. 

OAKLAND, Calif. - Oakland home values have now fallen to their lowest levels in about 10 years.

Oakland real estate

By the numbers:

According to data from Zillow, the median priced home in Oakland was $716,000 in March.

That's a more than 11% drop over the past year alone.

Experts point to rising mortgage rates, economic uncertainty, and soft demand as the reasons behind the downturn.

Red Oak Realtor Diedre Joyner said there's another reason: interest in condos is dropping, which is affecting the overall data.

"I think that when COVID-19 hit, people started to second-guess some of the shared spaces," she said, adding that rising insurance rates and HOA dues have made people rethink condominium prices. 

She pointed to single family homes in Oakland, where the median price is $875,000, which dipped just 3% from last year.