Oakland, Austin, Cape Coral, New Orleans, San Francisco, Birmingham, Fort Myers, Washington DC, Sarasota, Denver, Hayward, Portland, Phoenix, Naples, St. Petersburg.
Prices of mid-tier single-family homes in 15 bigger cities have dropped by 10% to 24% through September from their respective peaks in 2022 or 2024, seasonally adjusted – one more than a month ago, the new addition being St. Petersburg, FL. None of them had set a new high in 2023; it was set either in 2022 or in 2024 (year of peak):
- Oakland, CA: -24% (2022)
- Austin, TX: -24% (2022)
- Cape Coral, FL: -20% (2022)
- New Orleans, LA: -19% (2022)
- San Francisco, CA: -16% (2022)
- Birmingham, AL: -15% (2022)
- Fort Myers, FL: -13% (2022)
- Washington, DC: -13% (2022)
- Sarasota, FL: -12% (2022)
- Denver, CO: -11% (2022)
- Hayward, CA: -11% (2022)
- Portland, OR: -10% (2022)
- Phoenix, AZ: -10% (2024)
- Naples, FL: -10% (2024)
- St. Petersburg, FL: -10% (2024)
Didn’t make the list: There are many other bigger cities where mid-tier single-family home prices have declined from their respective peaks in 2022 or 2024, but not enough to make the 10% cutoff. None of them had set a new high in 2023.
Four of them have dropped by about 9%; each monthly decline gets them closer to the double-digit zone. Others are still quite a bit away from the 10% line…