Median U.S. home prices fell in March by 3.3% to $400,528, led by pandemic boomtowns and pricey Bay Area markets. Prices in Boise, Idaho, fell more than any other metro across the U.S.
in March saw the biggest annual drop since 2012 as pending home sales continue to abate, according to a new report.
Last month, median U.S. home prices dropped — led by pandemic boomtowns and pricey Bay Area markets — by 3.3% to $400,528, according to real estate brokerage Redfin. This comes as pending home sales fell to their lowest level since the start of the pandemic in part because elevated mortgage rates diminished demand and a lack of homes for sale limited purchases, Redfin reported. Prices in Boise, Idaho, fell more than any other metro across the U.S. in March, with costs slipping 15.4% year over year, according to Redfin. In the area, pending home sales dropped 78.8% year over year, which also marked the biggest drop in pending home sales.
In May 2021, prices in the Boise area surged a record 40.9%, according to Redfin. Comparatively, the national record increase was 26% during the same month. At the time, mortgage rates were low and remote work and relatively affordable housing brought in buyers from more expensive parts of the country, according to Redfin.
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