{"id":75990,"date":"2023-03-17T05:00:52","date_gmt":"2023-03-17T12:00:52","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75990"},"modified":"2023-03-21T13:39:50","modified_gmt":"2023-03-21T20:39:50","slug":"housing-market-tracker-february-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-tracker-february-2023\/","title":{"rendered":"Home Prices Fell 1% in February\u2014First Annual Drop Since 2012"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Prices declined as sellers responded to a drop in homebuyer demand spurred by elevated mortgage rates.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>San Jose and Austin saw prices fall at roughly 12 times the national pace.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>While many buyers remained on the sidelines, home sales and competition leveled off following roughly a year of declines. Miami still saw sales fall 44%.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Many sellers were also hesitant to enter the market; new listings fell to the lowest level on record aside from the start of the pandemic.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The median U.S. home sale price fell 1.2% in February to $386,721, the first year-over-year decline since 2012.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sellers have been forced to lower their expectations because high mortgage rates have put homebuyer demand on ice.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuyers are struggling because higher interest rates have increased the cost of homeownership, and sellers are struggling because they\u2019re still adjusting to the fact that their home won\u2019t sell for what their neighbor\u2019s did a year ago,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/andrew-vallejo\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Andrew Vallejo<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in Austin, TX, which has seen one of the largest home-price declines in the country. \u201cThe drop in prices is bringing more house hunters off the sidelines, but they\u2019re in no rush because rates are high and they have the <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-seller-concessions-february-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">upper hand<\/span><\/a><span style=\"font-weight: 400;\">.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just under half (44.9%) of homes that went under contract in February did so within two weeks, down from 60.2% one year earlier, as house hunters sussed out whether to buy now or wait. A buyer Vallejo recently worked with was about to close on a $395,000 home, which seemed like a good deal because the same floorplan down the block sold for $460,000 last summer, but is now reconsidering because a nearly identical home just hit the market for $370,000.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting that the housing market shifted in March following the <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/03\/14\/business\/silicon-valley-bank-investigation.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">collapse<\/span><\/a><span style=\"font-weight: 400;\"> of Silicon Valley Bank. Ongoing turmoil in the banking sector lowered the likelihood of the Federal Reserve hiking interest rates much more this year. That caused mortgage rates to drop, which <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-drop-demand-ticks-up\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">brought<\/span><\/a><span style=\"font-weight: 400;\"> more homebuyers back to the market. The average 30-year-fixed mortgage rate was <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/mnd\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.54%<\/span><\/a><span style=\"font-weight: 400;\"> as of Thursday morning, down from nearly 7% at the end of February. The decline comes after rates jumped by almost a whole percentage point during the month of February.<\/span><\/p>\n<p><b>Home Sales, Competition Hold Steady Following Months of Declines<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Home purchases continued to level off in February following a sharp plunge in the second half of last year. Pending home sales have now hovered around the same level since November. They rose 0.3% in February from the month before on a seasonally-adjusted basis, and were down 26% from a year earlier\u2014an improvement from the 35.5% record annual drop in the fall.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Closed home sales fell 22.5% year over year, an improvement from the 35.1% record annual decline at the start of 2023. Sales that closed in February <\/span><span style=\"font-weight: 400;\">primarily went under contract in December and January, so the improvement is likely a reflection of the decline in mortgage rates during those months that temporarily boosted demand.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homebuyer competition also leveled off in February. Just under half of home offers (45.2%) written by Redfin agents faced bidding wars. The bidding-war rate has now hovered around the same level for four months following nine months of declines. Still, it\u2019s much lower than it was in February 2022, when 66.4% of offers encountered competition.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe housing market was fairly steady in February, but it\u2019s been more of a mixed bag in March,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/laxmi-penupothula\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Laxmi Penupothula<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in San Jose, CA. \u201cHouse hunters in the Bay Area are out there, but some are skittish because they\u2019re hearing rumors of <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/03\/14\/technology\/meta-facebook-layoffs.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">layoffs<\/span><\/a><span style=\"font-weight: 400;\"> in their company all-hands meetings, reading about troubles in the banking sector and seeing the value of their stock portfolios swing up and down.\u201d<\/span><\/p>\n<p><b>Home Listings Continue to Fall as Sellers Remain on the Fence<\/b><\/p>\n<p><span style=\"font-weight: 400;\">New listings in February were at the lowest level on record aside from the start of the pandemic. They fell 23.3% year over year on a seasonally-adjusted basis and were down 3.5% from the prior month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homeowners have been hesitant to put their properties up for sale because <\/span><a href=\"https:\/\/www.redfin.com\/news\/homeowners-locked-into-low-mortgage-rates\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">many<\/span><\/a><span style=\"font-weight: 400;\"> of them have locked in mortgage rates substantially below today\u2019s level. They\u2019re also on the fence because they see sellers in their neighborhood slashing their listing prices. One in seven (14.2%) homes for sale had a price cut in February. While that\u2019s down from a peak of 22% in the fall, it\u2019s still more than double the 5.7% rate of a year earlier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI advise sellers to price their homes appropriately from the start. Cutting your list price because you have overpriced your house can scare buyers off,\u201d <\/span><span style=\"font-weight: 400;\">Penupothula <\/span><span style=\"font-weight: 400;\">said. \u201cSellers should also avoid making kneejerk price adjustments in response to negative economic or housing news; the market is changing quickly, which means tomorrow could bring positive news.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">February Highlights<\/span><\/h3>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>February 2023<\/b><\/td>\n<td><b>Month-Over-Month Change<\/b><\/td>\n<td><b>Year-Over-Year Change<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Median sale price<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$386,721<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pending home sales, seasonally adjusted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">394,240<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-26%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Homes sold, seasonally adjusted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">441,412<\/span><\/td>\n<td><span style=\"font-weight: 400;\">N\/A*<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-22.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New listings, seasonally adjusted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">461,534<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-23.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">All homes for sale, seasonally adjusted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1,585,889<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Months of supply<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Median days on market<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Share of for-sale homes with a price drop<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Share of homes sold above final list price<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-23.7ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Average sale-to-final-list-price ratio<\/span><\/td>\n<td><span style=\"font-weight: 400;\">98.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Share of home offers written by Redfin agents that faced competition, seasonally adjusted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-21.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pending sales that fell out of contract, as % of overall pending sales<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Average 30-year fixed mortgage rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.26%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.01 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.5 ppts<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<br \/>\n<\/span><\/i><i><span style=\"font-weight: 400;\">*We have removed this figure from the report as we investigate a potential data issue.<\/span><\/i><\/p>\n<div id=\"viz1679003056346\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='http:&#47;&#47;www.redfin.com&#47;blog'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinDataCentertrend&#47;MedianSalePrice&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinDataCentertrend\/MedianSalePrice\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinDataCentertrend\/MedianSalePrice\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><\/object><\/div>\n<h3><span style=\"font-weight: 400;\">Metro-Level Highlights: February 2023<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data in the bullets below came from a list of the 91 U.S. metro areas with populations of at least 750,000, with the exception of competition data. We have excluded select metros while we investigate the data to ensure accuracy. <\/span><\/i><i><span style=\"font-weight: 400;\">To find the full metro-level and national datasets, head to the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Expensive coastal markets and pandemic boomtowns are seeing the biggest declines in home prices and closed sales. Closed sales and prices are holding up the best in relatively affordable metros. Please note that sales that closed in February primarily went under contract in December and January.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Pending sales: <\/b><span style=\"font-weight: 400;\">In <\/span><a href=\"https:\/\/www.redfin.com\/city\/1336\/LA\/Baton-Rouge\"><span style=\"font-weight: 400;\">Baton Rouge, LA<\/span><\/a><span style=\"font-weight: 400;\">, pending sales fell 69.1% year over year, more than any other metro Redfin analyzed. It was followed by <\/span><a href=\"https:\/\/www.redfin.com\/city\/1336\/LA\/Baton-Rouge\"><span style=\"font-weight: 400;\">Allentown, PA<\/span><\/a><span style=\"font-weight: 400;\"> (-54.4%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/34945\/HI\/Honolulu\"><span style=\"font-weight: 400;\">Honolulu<\/span><\/a><span style=\"font-weight: 400;\"> (-53.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/7161\/NC\/Greensboro\"><span style=\"font-weight: 400;\">Greensboro, NC<\/span><\/a><span style=\"font-weight: 400;\"> (-49.3%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\"><span style=\"font-weight: 400;\">Las Vegas<\/span><\/a><span style=\"font-weight: 400;\"> (-47.9%). Pending sales rose in just four metros: <\/span><a href=\"https:\/\/www.redfin.com\/city\/30794\/TX\/Dallas\"><span style=\"font-weight: 400;\">Dallas<\/span><\/a><span style=\"font-weight: 400;\"> (3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/2832\/NY\/Buffalo\"><span style=\"font-weight: 400;\">Buffalo, NY<\/span><\/a><span style=\"font-weight: 400;\"> (2.9%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/9170\/IN\/Indianapolis\"><span style=\"font-weight: 400;\">Indianapolis<\/span><\/a><span style=\"font-weight: 400;\"> (2.3%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/3879\/OH\/Cincinnati\"><span style=\"font-weight: 400;\">Cincinnati<\/span><\/a><span style=\"font-weight: 400;\"> (1.3%).<\/span><\/li>\n<li aria-level=\"1\"><b>Closed sales:<\/b><span style=\"font-weight: 400;\"> In <\/span><a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\"><span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\">, closed sales dropped 44.2% year over year, more than any other metro Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/30749\/NY\/New-York\"><span style=\"font-weight: 400;\">New York<\/span><\/a><span style=\"font-weight: 400;\"> (-39.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/17420\/CA\/San-Jose\"><span style=\"font-weight: 400;\">San Jose<\/span><\/a><span style=\"font-weight: 400;\"> (-38%), Baton Rouge (-37.7%) and <\/span><a href=\"https:\/\/www.redfin.com\/county\/1974\/NY\/Nassau-County\"><span style=\"font-weight: 400;\">Nassau County-Suffolk County, NY<\/span><\/a><span style=\"font-weight: 400;\"> (-37.2%). They fell the least in <\/span><a href=\"https:\/\/www.redfin.com\/city\/30794\/TX\/Dallas\"><span style=\"font-weight: 400;\">Dallas<\/span><\/a><span style=\"font-weight: 400;\"> (-1.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/17149\/VA\/Richmond\"><span style=\"font-weight: 400;\">Richmond, VA<\/span><\/a><span style=\"font-weight: 400;\"> (-7.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30827\/TX\/Fort-Worth\"><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/a><span style=\"font-weight: 400;\"> (-9.6%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/4145\/OH\/Cleveland\"><span style=\"font-weight: 400;\">Cleveland<\/span><\/a><span style=\"font-weight: 400;\"> (-10.1%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/5413\/OH\/Dayton\"><span style=\"font-weight: 400;\">Dayton, OH<\/span><\/a><span style=\"font-weight: 400;\"> (-12.8%)<\/span><\/li>\n<li aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices fell from a year earlier in 31 metros, led by San Jose (-13.1%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\"><span style=\"font-weight: 400;\">Austin<\/span><\/a><span style=\"font-weight: 400;\"> (-12.4%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/13654\/CA\/Oakland\"><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-11.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\"><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-8.2%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/14141\/CA\/Oxnard\"><span style=\"font-weight: 400;\">Oxnard, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-7.3%). The biggest increases were in <\/span><a href=\"https:\/\/www.redfin.com\/city\/9417\/NE\/Omaha\"><span style=\"font-weight: 400;\">Omaha, NE<\/span><\/a><span style=\"font-weight: 400;\"> (11.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/10200\/TN\/Knoxville\"><span style=\"font-weight: 400;\">Knoxville, TN<\/span><\/a><span style=\"font-weight: 400;\"> (11.5%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/19373\/FL\/West-Palm-Beach\"><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/a><span style=\"font-weight: 400;\"> (11.4%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/4664\/OH\/Columbus\"><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/a><span style=\"font-weight: 400;\"> (10.8%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/35759\/WI\/Milwaukee\"><span style=\"font-weight: 400;\">Milwaukee<\/span><\/a><span style=\"font-weight: 400;\"> (10.4%).\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Listings: <\/b><span style=\"font-weight: 400;\">New listings fell the most from a year earlier in Allentown (-53.2%), Greensboro (-45.8%), San Jose (-44.2%), Oakland (-43.6%) and Sacramento (-42.7%). They rose in just two metros\u2014<\/span><a href=\"https:\/\/www.redfin.com\/city\/11570\/TX\/McAllen\"><span style=\"font-weight: 400;\">McAllen, TX<\/span><\/a><span style=\"font-weight: 400;\"> (10.1%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/12742\/FL\/North-Port\"><span style=\"font-weight: 400;\">North Port, FL<\/span><\/a><span style=\"font-weight: 400;\"> (1.6%)\u2014and were unchanged (0%) in Buffalo. The smallest declines were in Fort Worth (-2.9%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/13415\/TN\/Nashville\"><span style=\"font-weight: 400;\">Nashville<\/span><\/a><span style=\"font-weight: 400;\"> (-3.2%).<\/span><\/li>\n<li aria-level=\"1\"><b>Supply: <\/b><span style=\"font-weight: 400;\">Active listings rose the most from a year earlier in North Port (103.1%), Austin (78.6%), Nashville (71.7%), Fort Worth (69%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\"><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/a><span style=\"font-weight: 400;\"> (62.5%). They fell the most in Allentown (-34.4%), Cincinnati (-31.8%), Greensboro (-28.7%), Milwaukee (-26.9%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/9406\/CT\/Hartford\"><span style=\"font-weight: 400;\">Hartford, CT<\/span><\/a><span style=\"font-weight: 400;\"> (-22%).\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Competition:<\/b><span style=\"font-weight: 400;\"> In <\/span><a href=\"https:\/\/www.redfin.com\/city\/4147\/CO\/Colorado-Springs\"><span style=\"font-weight: 400;\">Colorado Springs, CO<\/span><\/a><span style=\"font-weight: 400;\">, 26.9% of home offers written by Redfin agents faced competition, down from 79.6% a year earlier. That 52.6-percentage-point decline is the largest decline among the metros Redfin analyzed. Next came Las Vegas (-44.6 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/3105\/NC\/Charlotte\"><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/a><span style=\"font-weight: 400;\"> (-42.6 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16657\/TX\/San-Antonio\"><span style=\"font-weight: 400;\">San Antonio<\/span><\/a><span style=\"font-weight: 400;\"> (-41.8 ppts) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/35711\/NC\/Raleigh\"><span style=\"font-weight: 400;\">Raleigh, NC<\/span><\/a><span style=\"font-weight: 400;\"> (37.3 ppts). Competition rose in just one metro Redfin analyzed: <\/span><a href=\"https:\/\/www.redfin.com\/city\/15272\/RI\/Providence\"><span style=\"font-weight: 400;\">Providence, RI<\/span><\/a><span style=\"font-weight: 400;\"> (2.8 ppts). It fell the least in San Jose (-1.4 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/1073\/MD\/Baltimore\"><span style=\"font-weight: 400;\">Baltimore<\/span><\/a><span style=\"font-weight: 400;\"> (-1.7 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/15502\/PA\/Philadelphia\"><span style=\"font-weight: 400;\">Philadelphia<\/span><\/a><span style=\"font-weight: 400;\"> (-7.6 ppts) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/13655\/FL\/Orlando\"><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/a><span style=\"font-weight: 400;\"> (-8 ppts).<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Below are market-by-market breakdowns on competition and home-purchase cancellations, which aren\u2019t in the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Competition<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data below came from a list of the metros that had a monthly average of at least 50 offers submitted by Redfin agents from March 2021 to March 2022. An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.\u00a0<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Metro Area<\/b><\/td>\n<td><b>Feb. 2023: Share of Redfin Offers That Faced Competition<\/b><\/td>\n<td><b>Jan. 2023: Share of Redfin Offers That Faced Competition<\/b><\/td>\n<td><b>Feb. 2022: Share of Redfin Offers That Faced Competition<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">77.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">56.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Colorado Springs, CO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">79.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">81.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">82.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Honolulu,HI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">76.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">76.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Olympia, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">81.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">57.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">72.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">87.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">85.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Raleigh, NC\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">80.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">77.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">80.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">77.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">79.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Worcester, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">82.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National\u2014U.S.A.<\/b><\/td>\n<td><b>45.2%<\/b><\/td>\n<td><b>45%<\/b><\/td>\n<td><b>66.4%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Home-Purchase Cancellations<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data below came from a list of the 50 most populous metro areas.\u00a0<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>Feb. 2023: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/b><\/td>\n<td><b>Jan. 2023: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/b><\/td>\n<td><b>Feb. 2022: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County-Suffolk County, NY\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National\u2014U.S.A.<\/b><\/td>\n<td><b>13.8%<\/b><\/td>\n<td><b>13.8%<\/b><\/td>\n<td><b>11.4%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-75991\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-BIDDING-WARS-CHART-1024x708.png\" alt=\"\" width=\"1024\" height=\"708\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-BIDDING-WARS-CHART-1024x708.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-BIDDING-WARS-CHART-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-BIDDING-WARS-CHART-768x531.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-BIDDING-WARS-CHART.png 1300w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/> <img decoding=\"async\" class=\"alignnone size-large wp-image-75992\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-PENDINGS-FALLEN-THRU-CHART-1024x690.png\" alt=\"\" width=\"1024\" height=\"690\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-PENDINGS-FALLEN-THRU-CHART-1024x690.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-PENDINGS-FALLEN-THRU-CHART-300x202.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-PENDINGS-FALLEN-THRU-CHART-768x517.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/FINAL-PENDINGS-FALLEN-THRU-CHART.png 1308w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prices declined as sellers responded to a drop in homebuyer demand spurred by elevated mortgage rates. San Jose and Austin saw prices fall at roughly 12 times the national pace. While many buyers remained on the sidelines, home sales and competition leveled off following roughly a year of declines. Miami still saw sales fall 44%. [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":75442,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32],"dashboard":[],"coauthors":[125],"class_list":["post-75990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Home Prices Fell 1% in February\u2014First Annual Drop Since 2012<\/title>\n<meta name=\"description\" content=\"San Jose and Austin saw prices fall at roughly 12 times the national pace.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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