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The 88240 neighborhood in Hobbs, New Mexico, is projected to see the highest percent decline in average home prices at -7.4%, or a $12,054 decline on the average $162,908 home price.
In swing states, the median home sale price has risen by 40%, to a record high of $316,063 as of 2024. But the median housing payment has nearly doubled, rising 92% to an all-time high of $2,161.
Homeowners are trimming prices to revive buyer interest, which has dropped off amid record price highs and elevated mortgage rates. The median home price fell 1.3% year-over-year, hitting $429,990.
And so that’s why there isn’t more inventory reaching the market, and that’s why homes haven’t become more affordable. Normally in a market like 2008, you see prices come down 30% to 50% ...
In fact, rural home price growth has exceeded that of urban and suburban areas, with average home values growing by 7% year over year, compared to 6% for urban cities and 6.8% for suburban areas ...
The cool-downs are a sharp turnaround from when home prices skyrocketed. Austin home prices soared almost 70% between 2020 and 2022, while San Antonio rose 40% and Tampa rose 60%, according to ICE ...
Home prices skyrocketed, and when it was over, because the Federal Reserve raised interest rates to lower hot inflation, mortgage rates soared. We were left with high home prices and high mortgage ...
Some metros have posted home price declines of more than 10% from their 2022 peaks.