(KRON) — The median price of a home sale nationwide was $359,250 in the weeks between Oct. 10 and Nov. 6, according to a new report from Redfin. That marks a 3.2 percent increase from that range in 2021, but in some cities, the average home price went down in the last year.
Redfin said that there were six such metro areas in which this was the case. Four of them are in Northern California, and three of them are in the Bay Area.
San Francisco had the largest such decline, with home-sale prices falling 6% in the last year, according to Redfin. Oakland and San Jose saw declines of less than 1%. Stockton, CA, Lake County, IL, and Pittsburgh, PA also saw prices drop.
While home-sale prices did steadily rise over the past year nationwide, they have dropped steeply since June. Redfin said the median home sale price has fallen 8.4% since then, when it had reached an all-time high.
Redfin Deputy Chief Economist Taylor Marr is hopeful that slowing inflation rates will help bring daily mortgage rates down, but he acknowledged that there is a way to go.
“The inflation news is already helping to bring daily mortgage rates down. However, Chair Powell has indicated that inflation would need to slow for several consecutive months before the Fed would lower its target for how high it raises rates next year,” he said.