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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.
As a result, home prices, especially condos, fell after reaching unsustainable levels during the pandemic housing boom. Home prices in Florida were down 0.48% compared to last year. 3.
Nationally, many economists call for home prices to rise between 2% and 4% next year, around historical averages. But the strength of the housing market is likely to vary heavily by location.
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.
Home prices by county (2021) <$100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000+ Cost of housing by State. This article contains a list of U.S. states and the District of Columbia by median home price, according to data from Zillow.
Image source: Getty Images. Housing prices spiked during the pandemic as remote work became the norm for many companies, ... a 4.1% drop in its price would mean the home is now in your price range.
At the same time, the index also showed that home prices declined 0.5% year over year. Meanwhile, data from Zillow revealed that the average US home value was $348,853 as of July 28, 2023, up 1.2% ...
Well, home prices have to fall; Whitney said prices need to drop about 20%. But that price decline would only take us to the price levels of three or four years ago before the pandemic and its ...