Housing market shift: Where home prices are starting to fall

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U.S. single-family house costs, as measured by the Freddie Mac Home Worth Index (which makes use of the repeat-sales methodology), rose 3.9% within the calendar 12 months 2024. Throughout that very same timeframe, overall U.S. consumer prices rose 2.9%.

Among the many 384 metro-area housing markets that the Freddie Mac Home Worth Index tracks relationship again to 1975, these are the ten metros that noticed the largest year-over-year house worth enhance in 2024:

1. Kingston, New York: +13.5% 
2. Springfield, Ohio: +11.8% 
3. Glens Falls, New York: +11.7% 
4. Binghamton, New York: +11.5% 
5. Cumberland, Marylandd-West Virginia: +11.4% 
6. Syracuse, New York: +10.9% 
7. Utica-Rome, New York: +10.5% 
8. Atlantic Metropolis-Hammonton, New Jersey: +10.5% 
9. Jacksonville, North Carolina: +10.3% 
10. Vineland-Bridgeton, New Jersey: +10.3%

Amongst those self same 384 metro-area housing markets, these 10 metros noticed the largest year-over-year house worth decline in 2024:

1. Punta Gorda, Florida: -8.6% 
2. Cape Coral-Fort Myers, Florida: -7.6% 
3. North Port-Sarasota-Bradenton, Florida: -4.7% 
4. Homosassa Springs, Florida: -3.3% 
5. Sebastian-Vero Seaside, Florida: -3.2% 
6. Lakeland-Winter Haven, Florida: -2.7% 
7. Austin-Spherical Rock-Georgetown, Texas: -2.5% 
8. San Antonio-New Braunfels, Texas: -2.3% 
9. Ocala, Florida: -1.9% 
10. Crestview-Fort Walton Seaside-Destin, Florida: -1.8%

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The map above exhibits the year-over-year change in metro-area house costs from December 2023 to December 2024.

The map beneath exhibits how metro-area house costs on the finish of 2024 examine to that respective market’s peak in 2022.

For instance, whereas house costs within the Austin metro space are down 2.5% 12 months over 12 months, the market can also be 15.8% beneath its 2022 peak, in accordance with the Freddie Mac Home Worth Index.

Click here to view an interactive model of the map beneath.

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Whereas some Western markets (which noticed most of their declines within the second half of 2022) and Southern markets are nonetheless beneath their peak 2022 pricing, each market within the Freddie Mac Home Worth Index stays above March 2020 ranges.

Nationwide house costs, in accordance with the Freddie Mac Home Worth Index, are 48.5% above March 2020 ranges. Throughout that very same timeframe, general U.S. shopper costs rose 23.1%.

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ResiClub’s month-to-month home price tracker and housing inventory tracker (with information on greater than 800 metros/micro areas and greater than 3,000 counties) have carefully detailed these regional tendencies.