Since peaking at $479,500 in Q4 2022, the median home sales price in the U.S. has declined, settling at $431,000 in Q3 2023. By that point, single-family home prices had fallen to $479,500 in the fourth quarter of 2022. New research from Point2 shows that prices in the 100 largest U.S. cities rose throughout the year, while apartment prices fell in 37 of the 100 cities. In 15 cities, prices for both types of housing fell. This isn’t good news for owners, especially those who settled into condos last year and plan to move into homes once the market calms down.
Among the 100 cities, median apartment prices in Henderson, Nevada, have declined the most compared to last year’s median price. Owners there lost about 13 percent of their home value that year, or $40,000 at the median home price. $269,000. For single-family homes, Memphis saw the largest year-over-year decline, with homes with a median price of $170,000 down about 17%, or $35,000. That’s a waste of $96 per day.
Ranking cities by dollar loss rather than percentage change, both condo and single-family homeowners in expensive San Francisco were hit the hardest. The median-priced condo ($1,037,500) lost $122,500 in value per year, or $336 per day, while the median-priced condo ($1,037,500) lost $12,000 in value per year. The single-family home ($1,556,250) lost $81,250 in value, or $223 per day.
Declining prices can signal a change in the market, but they’re not contributing much to home sales at this time. Owners who don’t want to take losses won’t list their stocks, leaving buyers and sellers in limbo.
This week’s chart shows the 10 largest U.S. cities with the largest annual declines in median list prices for condos and single-family homes, based on price percentage.
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