Home prices rose again in May, rising 0.3% year-over-year, but houses in some markets are seeing declining values.
The prices of homes reached a median of $442,500 in May, which is 0.3% higher than the same month last year. The median list price per square foot also increased by 3.8% in May compared with the same time last year.
That being said, the home price is "relatively stable compared to the same time last year" when the median value was $441,000, Realtor.com Chief Economist Danielle Hale noted in her report.
Furthermore, home prices in some cities in the U.S. have shown annual declines since last year, with prices in some places softening up by more than 10%. Here are the top markets where home values are falling, per Realtor.
San Francisco - Oakland - Berkeley, CA
Median Listing Price: $1,041,000
Median Listing Price Change Year-over-Year: -11.70%
Median Listing Price per Square Foot Year-over-Year: -4.40%
Miami - Fort Lauderdale - Pompano Beach, FL
Median Listing Price: $539,000
Median Listing Price Change Year-over-Year: -11.20%
Median Listing Price per Square Foot Year-over-Year: -7.80%
Denver - Aurora - Lakewood, CO
Median Listing Price: $639,000
Median Listing Price Change Year-over-Year: -6.30%
Median Listing Price per Square Foot Year-over-Year: 1.90%
Seattle - Tacoma - Bellevue, WA
Median Listing Price: $777,000
Median Listing Price Change Year-over-Year: -5.50%
Median Listing Price per Square Foot Year-over-Year: -0.20%
Kansas City, MO
Median Listing Price: $440,000
Median Listing Price Change Year-over-Year: -4.90%
Median Listing Price per Square Foot Year-over-Year: -1.10%
Oklahoma City, OK
Median Listing Price: $339,000
Median Listing Price Change Year-over-Year: -4.30%
Median Listing Price per Square Foot Year-over-Year: 0.50%
San Jose - Sunnyvale - Santa Clara, CA
Median Listing Price: $1,469,000
Median Listing Price Change Year-over-Year: -4.00%
Median Listing Price per Square Foot Year-over-Year: -0.40%
Tampa - St. Petersburg - Clearwater, FL
Median Listing Price: $425,000
Median Listing Price Change Year-over-Year: -3.20%
Median Listing Price per Square Foot Year-over-Year: -0.50%
Austin - Round Rock - Georgetown, TX
Median Listing Price: $565,000
Median Listing Price Change Year-over-Year: -3.10%
Median Listing Price per Square Foot Year-over-Year: 0.20%
Detroit - Warren - Dearborn, MI
Median Listing Price: $260,000
Median Listing Price Change Year-over-Year: -3.00%
Median Listing Price per Square Foot Year-over-Year: 0.50%
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