Home Prices Dip in Select U.S. Cities Despite Nationwide Increases

While the majority of U.S. metropolitan areas see rising home prices, specific cities in Florida and Texas experience notable declines.

In the first quarter of 2024, only 15 out of 221 metropolitan areas reported a drop in home prices, with significant decreases in cities like Cape Coral, Panama City, and San Antonio.
Despite a general uptrend, Florida's Cape Coral and Panama City, along with Texas's San Antonio, saw reductions of up to 4.6% in median home prices year-on-year.
Nationally, median home prices rose by 5%, with some areas like Fond du Lac, Wisconsin, seeing increases as high as 23.7%.
Economic factors such as high mortgage rates and increased housing supply contribute to the price declines in affected areas.
The affordability crisis continues to intensify, with families allocating a higher percentage of their income to mortgage payments despite the price drops in some markets.