Yun added, “Price declines are occurring mainly in southern states, where there has been robust new home construction in recent years. Given the region’s faster job growth, these price drops should be viewed as temporary and as a second-chance opportunity for those previously priced out of the market.”
Regional disparities in price growth
The national median single-family existing-home price grew 1.7% year over year to $426,800, matching the annual pace seen in Q2.
Regionally, the Northeast led with a 6% increase to $540,100, while the Midwest saw a 4.2% rise to $331,100. The South posted a modest 0.5% gain to $372,800, and the West was essentially flat, down 0.1% to $633,900.
The list of the most expensive markets remained dominated by California, with San Jose-Sunnyvale-Santa Clara topping the chart at $1.9 million, up 0.8% year over year.
Other high-priced metros included Anaheim-Santa Ana-Irvine ($1.4 million) and San Francisco-Oakland-Hayward ($1.3 million). Notably, Bridgeport-Stamford-Norwalk, Conn., was the only non-California market in the top 10, with a median price of $844,900, up 7.8%.