Some of the most expensive neighborhoods in the U.S. are missing out on a near-nationwide housing boom.
Homeowners across the country are reaping the benefits of a surge in prices driven by pandemic savings and low interest rates. The average annual gain in equity on mortgaged real estate in the first quarter was $33,400 per borrower, the biggest in at least 10 years, according to CoreLogic.
But in 143 neighborhoods where the average home cost at least $1 million in April, prices are down from a year earlier, data from Zillow show. Another seven neighborhoods dropped out of the $1 million club—including the Greenwood area of Brooklyn, where the average price dropped to $997,000.
The biggest drops came in wealthy areas around San Francisco and New York City, where many employees in well-paid industries like tech and finance shifted to working remotely during the pandemic.
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