What’s going on in the housing market? According to Redfin data, home sale prices have fallen year over year in 19 of the 50 popular U.S. metro areas.
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Homes which are selling are at about the same price as they were a year earlier. While predictions for the 2023 housing market indicate it should start to become more balanced, two major factors — high mortgage rates and housing affordability — continue to be an issue for buyers, especially first-time buyers.
Here’s a look at the top metros where home prices have fallen year over year and the median price of a home in these cities according to January 2023 Redfin data. These are the 10 cities where home prices are plummeting, ending with the number one city experiencing the highest falling price percentage. Here are the 10 cities where home prices are plummeting the most.
New York City, New York
- Year-over-year drop: 2.8%
- Median home price: $783,000
Austin, Texas
- Year-over-year drop: 2.9%
- Median home price: $528,000
Pittsburgh, Pennsylvania
- Year-over-year drop: 3.9%
- Median home price: $216,000
Seattle, Washington
- Year-over-year drop: 4.2%
- Median home price: $760,000
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Oakland, California
- Year-over-year drop: 4.4%
- Median home price: $690,000
Detroit, Michigan
- Year-over-year drop: 4.6%
- Median home price: $75,000
Los Angeles, California
- Year-over-year drop: 5.4%
- Median home price: $920,000
San Jose, California
- Year-over-year drop: 5.6%
- Median home price: $1.13 million
Sacramento, California
- Year-over-year drop: 6%
- Median home price: $445,000
San Francisco, California
- Year-over-year drop: 10.4%
- Median home price: $1.21 million
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This article originally appeared on GOBankingRates.com: Where Are Home Prices Plummeting Most?
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