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House Prices Are Under Pressure in the Bay Area

Pedestrians stand in front of Victorian homes and the downtown skyline in San Francisco.

Pedestrians stand in front of Victorian homes and the downtown skyline in San Francisco.

Photographer: David Paul Morris/Bloomberg

In the two most expensive U.S. real estate markets, both in California’s Bay Area, home values declined in July.

The price of a typical home slumped 10.5% from the same month last year in San Jose and fell 1.1% in San Francisco, according to a report issued Friday by Zillow. A year ago, home values were growing 24% annually in San Jose -- a 34.5 percentage point price swing. In San Francisco, the difference was 10.5 percentage points.