
Looking at virtually any index of U.S. home prices reveals that the cost of buying a home continues to rise a rapid clip. Nationally home prices rose more than 6% last year and are expected to rise by another 5% this year.
That does not mean that all housing markets are seeing sharp price hikes. There are some where housing prices are falling. The reasons for the price drops vary and include overbuilding back in the boom days, massive layoffs or company shutdowns, and even natural disasters.
Researchers at Realtor.com reviewed data on the 350 largest U.S. metro areas and identified 27 (admittedly not many) where home prices are falling. They compared two 12-month periods from May to April 2016 through 2017 with May to April 2018 to come up with their results.
Here are the 10 U.S. cities where home prices are declining, including the median home listing price and the percentage price drop between the two periods.
- Santa Maria-Santa Barbara, California
Median home listing price: $951,600
Price drop: 17.7% - Pottsville, Pennsylvania
Median home listing price: $72,300
Price drop: 8.1% - Napa, California
Median home listing price: $823,900
Price drop: 6.7% - Austin, Texas
Median home listing price: $373,000
Price drop: 4.3% - Beckley, West Virginia
Median home listing price: $134,000
Price drop: 4.2% - College Station, Texas
Median home listing price: $301,700
Price drop: 3.6% - Corpus Christi, Texas
Median home listing price: $237,600
Price drop: 3.1% - Anchorage, Alaska
Median home listing price: $299,900
Price drop: 3% - Houma, Louisiana
Median home listing price: $176,900
Price drop: 2.7% - Bismarck, North Dakota
Median home listing price: $263,200
Price drop: 1.8%
Visit the Realtor.com website for more details and comments on these cities.
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.