At least 15 cities in the United States are now seeing home prices decline even as the values of houses soared in 93% of the country's metro areas.
Existing single-family home prices rose by 5% to a median of $389,400 in early 2024, according to data from the National Association of Realtors (NAR)'s first-quarter report. At least 93% of metro areas in the U.S. also posted home price gains in the first quarter of 2024, with 30% of the 221 metro markets tracked by the NAR seeing double-digit gains during the same period.
"Astonishingly, greater than 90% of the country's metro areas experienced home price growth despite facing the highest mortgage rates in two decades. In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand," NAR Chief Economist Lawrence Yun said in a press release.
However, 7% or 15 metro markets in the U.S. experienced declines in home prices in the first quarter of 2024, with values down 14% from the last quarter of 2023.
Below are the 15 metro areas where the prices of single-family homes fell from last year.
Elmira, New York
- Median home price in Q1 2024: $135,800
- Median home price in Q1 2023: $160,000
- Year-over-year price change: -15.1%
San Antonio, Texas
- Median home price in Q1 2024: $305,800
- Median home price in Q1 2023: $320,500
- Year-over-year price change: -4.6%
Cape Coral, Florida
- Median home price in Q1 2024: $415,000
- Median home price in Q1 2023: $434,000
- Year-over-year price change: -4.4%
Panama City, Florida
- Median home price in Q1 2024: $351,000
- Median home price in Q1 2023: $365,000
- Year-over-year price change: -3.8%
Boulder, Colorado
- Median home price in Q1 2024: $822,400
- Median home price in Q1 2023: $836,900
- Year-over-year price change: -1.7%
Salem, Oregon
- Median home price in Q1 2024: $446,000
- Median home price in Q1 2023: $453,700
- Year-over-year price change: -1.7%
South Bend, Indiana
- Median home price in Q1 2024: $180,000
- Median home price in Q1 2023: $183,000
- Year-over-year price change: -1.6%
Logan, Utah
- Median home price in Q1 2024: $436,100
- Median home price in Q1 2023: $441,900
- Year-over-year price change: -1.3%
Baton Rouge, Louisiana
- Median home price in Q1 2024: $260,000
- Median home price in Q1 2023: $262,900
- Year-over-year price change: -1.1%
Peoria, Illinois
- Median home price in Q1 2024: $127,200
- Median home price in Q1 2023: $128,600
- Year-over-year price change: -1.1%
Shreveport, Louisiana
- Median home price in Q1 2024: $213,600
- Median home price in Q1 2023: $215,600
- Year-over-year price change: -0.9%
Myrtle Beach, South Carolina
- Median home price in Q1 2024: $366,100
- Median home price in Q1 2023: $368,400
- Year-over-year price change: -0.6%
Austin, Texas
- Median home price in Q1 2024: $466,700
- Median home price in Q1 2023: $467,900
- Year-over-year price change: -0.3%
Crestview, Florida
- Median home price in Q1 2024: $399,000
- Median home price in Q1 2023: $400,000
- Year-over-year price change: -0.2%
Little Rock, Arkansas
- Median home price in Q1 2024: $202,800
- Median home price in Q1 2023: $203,000
- Year-over-year price change: -0.1%
