Home Prices Falling Rapidly in 5 Popular Housing Markets

New Redfin data on U.S. home prices shows that costs are finally retreating and buyers paying less than last year in coveted markets.

falling home prices
(Image credit: Getty Images)

Home prices in certain boomtowns and pricey coastal metros have retreated, giving beleaguered homebuyers a chance to catch their breath. A new report from Redfin shows prices falling enough to offset rising mortgage rates in many popular home markets. 

Home prices on the retreat in hot markets

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U.S. MetroShare of for-sale homes with lower estimated monthly housing payment than a year agoMedian sale price: March 2023Change in median sale price: March 2022-March 2023
Austin, TX25.8%$450,000-13.6%
Seattle, WA23.6%$742,000-9.5%
San Francisco, CA 18.8%$1,425,000-8.9%
New York, NY 18.3%$665,000-2.2%
Pittsburgh, PA 15.6%$200,000-5.4%

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Ben Demers
Audience Engagement Manager, Kiplinger.com

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.