Existing-Home Prices Fall in 14 of the 50 Largest US Metros

On Thursday, Redfin reported that the median home-sale price declined in 14 of the 50 most populous US metro areas this week.

Oakland, California, saw the largest year-over-year drop, with prices down 6.8%. Other significant declines were reported in West Palm Beach (-4.9%), Jacksonville (-3.1%), Austin (-2.9%), and Houston (-2.8%).

Redfin attributes the price declines to a sluggish housing market driven by high housing costs and economic uncertainty. Homes are taking longer to sell than a year ago in every major metro, and in many areas, sellers outnumber buyers.

Nationally, the median sale price increased 2% year-over-year, remaining just below its all-time high. However, that growth is modest compared to the 5–6% gains seen in late 2024 and early 2025. Redfin economists expect national prices to decline about 1% annually by year-end.

The median asking price dropped to its lowest level in five months this week, posting its smallest increase since February (excluding the prior four-week period). Median monthly mortgage payments also dipped to $2,671, the lowest level since January.

Pending home sales are down 1.4% from a year ago, while total inventory is up 8.9%. New listings are stagnant, rising just 0.6% year-over-year, as many potential sellers remain hesitant to enter a buyer-driven market.