US condo prices are plunging: Condo prices fell -1.8% YoY in November, posting their 8th-consecutive monthly decline. This follows -1.9% YoY drops in September and October, the biggest annual declines since 2012. Now, more than 10% of condos have estimated values below their most recent sale prices, according to Zillow. Falling demand and rising homeowner association fees driven by higher insurance premiums and maintenance costs have been behind the recent weakness. By comparison, single-family home prices continue to move higher, up +1.1% YoY in November, with only 4.5% of homes worth less than their last sale price. As a result, the gap between single-family and condo performance is now the widest since 2021. The condo market is in a downturn.