4 Utah markets make U.S. top 25 list of falling home prices

Nov 14, 2023, 2:55 PM | Updated: 2:57 pm

St. George home construction...

FILE: Home under construction are pictured in St. George on April 8, 2021. Nationally, the U.S. housing market has been resilient even in the face of mortgage rates over 7%. (Jeffrey D. Allred, Deseret News)

(Jeffrey D. Allred, Deseret News)

SALT LAKE CITY — Nationally, the U.S. housing market has been resilient even in the face of mortgage rates over 7%.

The median U.S. home price was $406,900 in the third quarter of 2023 — up 2.2% from this time last year, according to a new National Association of Realtors’ report first reported by Insider. That uptick is after a 2.4% year-over-year decline posted in the second quarter of this year.

Still, home prices are staying high, combined with mortgage rates that are making today’s housing market the least affordable in decades. More than 80% of metro markets (182 out of 221) posted home price gains in the third quarter of 2023 with a 30-year fixed mortgage rate that ranged from 6.81% to 7.3%, according to the association.

However, some metro areas saw year-over-year price declines in the third quarter, according to the report. The declines are a far cry from a “crash” but indicate these markets have been among the hardest hit by today’s slowing housing market. Many of them saw dramatic price increases amid the pandemic-era housing rush and are now recalibrating to today’s sluggish sales.

Less than one-fifth of the markets (38 out of 221) included in the National Association of Realtors’ report saw home price declines in the third quarter, down from 41% in the second quarter. In 25 markets, single-family home prices fell at least 1% year over year.

Still, housing affordability worsened in the third quarter because of high home prices and mortgage rates. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $2,192, up 7% from the second quarter and 19.2% from one year ago, according to the association.

Here are the 25 markets where single-family home prices fell at least 1% in the third quarter year over year, Insider reported using the association’s quarterly report.

Four markets included in the ranking are located in Utah, among the states in the West that saw home prices skyrocket amid the COVID-19 housing crunch. They are St. George (No. 6), Provo (No. 7), Logan (No. 8), and Salt Lake City (No. 23).

Where home prices are falling the most

  1. Austin, Texas:-10.3%
  2. Honolulu, Hawaii:-5.8%
  3. Jackson, Mississippi:-4.8%
  4. Shreveport, Louisiana:-4.6%
  5. Cape Coral, Florida:-3.6%
  6. George, Utah:-3.6%
  7. Provo, Utah:-3.5%
  8. Logan, Utah:-3.3%
  9. San Antonio, Texas:-3.1%
  10. Baton Rouge, Louisiana:-2.9%
  11. Kennewick, Washington:-2.5%
  12. Macon, Georgia:-2.4%
  13. Jacksonville, Florida:-2%
  14. Chico, California:-1.8%
  15. Myrtle Beach, South Carolina:-1.8%
  16. Punta Gorda, Florida:-1.8%
  17. Salem, Oregon:-1.7%
  18. Crestview, Florida:-1.6%
  19. Lakeland, Florida:-1.5%
  20. Pensacola, Florida:-1.5%
  21. Phoenix, Arizona:-1.5%
  22. Yakima, Washington:-1.4%
  23. Salt Lake City, Utah:-1.2%
  24. Dallas, Texas:-1.1%
  25. Houston, Texas:-1.1%

KSL 5 TV Live

Unaffordable Utah

(FILE) Two signs advertising bedrooms for rent....

Daniel Woodruff

Rent costs are up nationally, but what about Utah?

While some aspects of inflation are cooling down, the cost of renting has continued rising.

11 days ago

KSL’s Matt Gephardt price shopped several items at traditional grocery stores and specialty food ...

Matt Gephardt

Gephardt Busts Inflation: Will shopping specialty food markets save you money?

To save money on your groceries, a specialty food market might not come to mind. But KSL Consumer Investigator Matt Gephardt found branching out to specialty food markets might help you bust some grocery inflation.

14 days ago

High food prices are squeezing Utah families, and going to the grocery store can be a frustrating e...

Daniel Woodruff

Is grocery shopping ‘frustrating and stressful’? Here are ways to stretch your dollars

High food prices are squeezing Utah families, and going to the grocery store can be a frustrating experience.

15 days ago

SEATTLE, WA - OCTOBER 31: A Redfin real estate yard sign is pictured in front of a house for sale o...

Alex Veiga, AP Business Writer

Redfin agrees to pay $9.25 million to settle real estate broker commission lawsuits

Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their homes.

22 days ago

(KSL TV)...

Eliza Pace

Study finds nearly 40% of homeowners don’t believe they could afford their home if buying today

A new study shows 40% of U.S. homebuyers don't believe they could afford their home if they bought it today.

26 days ago

New homes on a street lined with new homes built by DR Horton in Lehi. (Greg Anderson, KSL TV)...

Lindsay Aerts

Utahns are ‘fed up and priced out,’ new Utah survey finds

The study conducted by the Utah Foundation reveals that housing affordability and politicians ignoring voters are the top two concerns among Utahns.

28 days ago

Sponsored Articles

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 Internet Safety Tips for Kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why Printer Security Should Be Top of Mind for Your Business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

4 Utah markets make U.S. top 25 list of falling home prices