The Median U.S. Home Price Just Posted Its Largest Drop Since 2021

The worst affected market was Boise, ID, where the cost of a home fell 15.4% in the year.

By Philippa Maister | April 21, 2023 at 05:11 PM

Many home buyers and sellers are continuing to sit on the sidelines as home prices fall and interest rates rise. New listings fell 23.3% from March 2022 to March 2023 because homeowners made the decision to stay in their homes rather than move and face higher interest payments on a new house.

The median U.S. home price fell 3.3% in March this year to $400,528, according to a new report by the real estate brokerage Redfin. This was the largest year-over-year drop since 2012.

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