Home prices are up across the country from this time last year, but trouble is on the horizon.
The median home-sale price in April grew 2.1 percent in the U.S. from 2024, but that’s the slowest growth rate since July 2023, according to new data from listings platform Redfin.
In 11 of the top 50 most populous metropolitan areas, the median home-sale price slid year over year. September 2023 was the last time that many metros saw home prices fall, according to Redfin.
Prices are down likely because home buyers are pulling back on purchasing property, the firm said. Mortgage applications are down and agents are detailing how buyers are concerned about the economy and high home prices. Pending home sales have ticked down 0.3 percent, but new listings have shot up nearly 10 percent from this time last year.
Among the most populous metros, San Antonio recorded the biggest year-over-year drop in its median sale price – 3.7 percent. Oakland, CA followed close behind, with the price down 3.5 percent.
The metro with the biggest increase year over year was Milwaukee, at 11.7 percent. Second place went to Newark, NJ, with 11.2 percent.
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