US Home Prices Experience Largest Annual Drop in Over a Decade

Median U.S. home prices dropped by 3.3% to $400,528 in March, marking the biggest annual drop since 2012, according to a report by Redfin. Pending home sales also fell to their lowest level since the start of the pandemic due to elevated mortgage rates and a lack of homes for sale. Boise, Idaho saw the biggest drop in home prices, falling 15.4% YoY, while pending home sales dropped 78.8% YoY. Markets that didn't heat up as much during the pandemic are holding up relatively well, with pending sales falling the least in Fort Worth and Dallas, Texas, as well as Indianapolis, Cincinnati, and Buffalo, New York.