5 housing markets likely to see prices fall this year
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- Home prices could soften in a handful of metro areas throughout the US in 2025, according to CoreLogic.
- The firm highlighted five areas that have a more-than-70% chance of seeing price declines this year.
- Home prices are generally rising across the US, with the median sales price climbing to $395,000 in November.
US home prices have stayed stubbornly high nationwide, but there are a handful of places that will likely see declines in 2025, according to CoreLogic.
In a recent note, the real-estate-analytics firm highlighted five metropolitan housing markets that have a more-than-70% chance of seeing declines this year.
"The cooling home price growth trend is expected to continue well into 2025, partly due to the base effect and comparison with strong early 2023 price appreciation and partly due to higher mortgage rates coming into this year and the expectations of higher rates over the course of 2025," Selma Hepp, CoreLogic's chief economist, said in a statement.
Here are the five metro areas highlighted by the firm:
5. Punta Gorda, Florida
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Median sales price: $361,817 (Zillow, October 2024)
Median list price: $390,000 (Zillow, November 2024)
4. Phoenix-Mesa-Scottsdale, Arizona
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Median sales price: $442,167 (Zillow, October 2024)
Median list price: $499,966 (Zillow, November 2024)
3. Tucson, Arizona
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Median sales price: $319,811 (Zillow, October 2024)
Median list price: $365,617 (Zillow, November 2024)
2. Albuquerque, New Mexico
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Median sales price: $343,029 (Zillow, October 2024)
Median list price: $369,983 (Zillow, November 2024)
1. Provo-Orem, Utah
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Median sales price: $514,667 (Zillow, October 2024)
Median list price: $561,983 (Zillow, November 2024)