Where are Home Prices falling

Across the country home prices are still rising but at a much slower rate. The Median US home price was $406,900 which was 2.2% higher than last year.

30yr fixed mortgage rates ranged from 6.8% to 7.3% last quarter. Nearly 27% of a typical family's monthly income went toward mortgage payments in Q3. The reluctance to buy a new home and move caused limited supply, there by driving home values higher. Homeowners are staying put and have accumulated sizable wealth, with a typical homeowner gaining more than $100,000 in overall net worth since 2019 and before the height of the pandemic.

Single-family home prices rose fastest in the Northeast and the Midwest by just over 5% each, while the South and the West saw milder increases of 1.7% and 0.6%.

But property prices did fall in some cities. Thirty-eight metro areas saw prices fall from 2022 in Q3, and 25 of those saw significant drops of over 1%.

Here are the 15 US metro areas where single-family home prices fell at least 1% from last year in the third quarter, Only one GA city made the list:

1. Austin, TX - Year-over-year price change: -10.3%

2. Honolulu, HI - Year-over-year price change: -5.8%

3. Jackson, MI - Year-over-year price change: -4.8%

4. Shrevepost, LA - Year-over-year price change: -4.6%

5. Cape Coral, FL - Year-over-year price change: -3.6%

6. St George, UT - Year-over-year price change: -3.6%

7. Provo, UT - Year-over-year price change: -3.5%

8. Logan, UT - Year-over-year price change: -3.3%

9. San Antonio, TX - Year-over-year price change: -3.1%

10. Baton Rouge, LA - Year-over-year price change: -2.9%

11. Kennewick, WA - Year-over-year price change: -2.5%

12. Macon, GA - Year-over-year price change: -2.4%

13. Jacksonville, FL - Year-over-year price change: -2%

14. Chico, CA - Year-over-year price change: -1.8%

15. Myrtle Beach, SC- Year-over-year price change: -1.8%