While most of the country’s housing market fight rising prices due to low inventory, several U.S. cities remain outside the trend, with home prices remaining flat, or in some cases even falling. According to Trulia, cities such as Austin, Texas; Sacramento, California; and Denver, Colorado have seen home prices stay flat or even fall year over year. Other cities in Trulia’s list of “10 Markets Where Home Prices Aren’t Rising” are San Antonio, Texas; Honolulu, Hawaii; Camden, New Jersey; Milwaukee, Wisconsin; Houston and Dallas in Texas; and Sarasota, Florida.
San Antonio sits at the top of the list, with median home prices pegged at $269,499, a 5.4 percent decrease year over year, even with a job growth rate of 4.2 percent compared to the national average of job growth rate of 1.7 percent. Trulia estimates that despite job growth, home prices have fallen due to decreased wages in San Antonio by 2.6 percent, or simply, #homes that are cheaper which hit the market within the last year.
Including San Antonio, Texas has four other cities on Trulia’s list: Dallas, Austin, and Houston. Austin saw a 3.4 percent decrease in the median home price year over year, down to $336,995. In Dallas, the median home price fell by 0.5 percent to $356,999. Houston, has the cheapest housing, with the median price at $299, 520, a 0.4 percent decrease year over year.
Other cities, such as Honolulu and Sacramento, despite being known for their notoriously high home prices, saw their market stabilize in the last year. Honolulu’s median home price was the highest on the list, at $630,000, but this is a 1.4 percent decrease from the previous year. Meanwhile, Sacramento, with a median home price of $429,000, saw no real change year over year, implying a stabilized market.
With a median listing price of $ 229,900, that remained unchanged over the past one year, Milwaukee was the only Midwest market on the list.