California home prices falling most in these cities

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Although home prices rose nationally 0.3% year over year in February to a median of $415,000, according to Realtor.com data, there are some markets out there where home prices are falling.

"A lot of the [housing] inventory that’s coming onto the market is in a more affordable price tier," said Realtor.com Chief Economist Danielle Hale. "When you have more affordable listings coming onto the market, it’s also going to push down the overall price."

According to the data, Miami experienced the largest price declines, with the median home list price falling 8.2% year over year to a median price of $550,000 in February. Meanwhile, the number of homes for sale in the metro shot up 37.4% in February compared with the same month a year earlier.

Two California cities made the top 10. Median home list prices in San Jose (#6) decreased 2.3%, while prices in San Francisco trended down 1.3%.

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Prices are also down in some of the nation’s priciest metros on the West Coast. Median home list prices slipped 2.3% in San Jose, CA, the heart of Silicon Valley, and ticked down 1.3% in San Francisco (#9).

"Those areas are very closely tied to the technology industry, and tech has been on a bit of a roller coaster over the last couple of years," Hale said.

To come up with its findings, the Realtor.com economics team compared median list prices in February 2024 with February 2023 in the 50 largest metropolitan areas.

Here are the top 10 cities where home prices are falling the most, according to Realtor.com: