The median price of a single-family existing home dipped 2.4% to $402,600 from a 12 months ago and was down 0.2% from the previous quarter.
“Home sales were down resulting from higher mortgage rates and limited inventory,” said NAR chief economist Lawrence Yun. “Affordability challenges are easing resulting from moderating and, in some cases, falling home prices, while the variety of jobs and incomes are increasing. Just just like the weather, large local market variations exist despite the minor change within the national home price.”
Austin (19.1%) posted the biggest decline in annual home prices, followed by San Francisco (11.3%), Salt Lake City (9.6%), and Las Vegas (7.4%).
“Interestingly, price declines occurred in a few of the fastest job-creating markets,” Yun noted. “Prices in these areas try to land on higher fundamentals after several years of skyrocketing increases. In fact, the variety of homes receiving multiple offers, alongside continuing job and wage gains, signal price slides may already be a thing of the past.”
Meanwhile, the highest 10 markets with the most important year-over-year gains were: