{"id":76103,"date":"2023-04-19T05:00:26","date_gmt":"2023-04-19T12:00:26","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76103"},"modified":"2023-04-18T14:12:18","modified_gmt":"2023-04-18T21:12:18","slug":"housing-market-tracker-march-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-tracker-march-2023\/","title":{"rendered":"Home Prices Fell 3% in March\u2014Biggest Annual Drop in Over a Decade"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><i>Pandemic boomtowns and pricey coastal markets, including Austin and San Jose, saw among the largest price declines. In many more affordable areas, prices continued to climb.<\/i><\/h5>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><i>Pending home sales dipped to the lowest level since the start of the pandemic as elevated mortgage rates curtailed buyer demand and a lack of homes for sale limited purchases.<\/i><\/h5>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><i>New listings also fell to the lowest level since the pandemic onset; homeowners stayed put in order to hold onto their low mortgage rates. A shortage of supply caused bidding wars to return in some markets.<\/i><\/h5>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The median U.S. home sale price fell 3.3% in March to $400,528, the largest year-over-year drop since 2012. That follows February\u2019s 1.2% dip, which was the <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-february-2023\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">first<\/span><\/i><\/a><span style=\"font-weight: 400;\"> annual decrease since 2012.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-76104\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-11.40.38-AM.png\" alt=\"\" width=\"579\" height=\"396\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-11.40.38-AM.png 579w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-11.40.38-AM-300x205.png 300w\" sizes=\"(max-width: 579px) 100vw, 579px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pandemic boomtowns and pricey Bay Area markets led the price declines in March. In Boise, ID, prices fell 15.4% from a year earlier, more than any other U.S. metro area Redfin analyzed. Next came Austin, TX (-13.7%), Sacramento, CA (-11.9%), San Jose, CA (-10.5%) and Oakland, CA (-9.7%). Boise also saw the largest drop in pending home sales, with a 78.8% year-over-year decline. Nationwide, pending sales fell 26.6% on a seasonally-adjusted basis to the lowest level since the onset of the pandemic (April 2020).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The dip in pending sales is a major contributor to the dip in home prices; fewer buyers mean sellers need to list their homes for less money to attract the house hunters who remain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-76105\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-11.41.01-AM.png\" alt=\"\" width=\"579\" height=\"397\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-11.41.01-AM.png 579w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-11.41.01-AM-300x206.png 300w\" sizes=\"(max-width: 579px) 100vw, 579px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI was consistently busy in the fall, but things got really quiet in March after the collapse of Silicon Valley Bank,\u201d said Boise Redfin real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/shauna-pendleton\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Shauna Pendleton<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThat killed the buyer <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-december-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">momentum<\/span><\/a><span style=\"font-weight: 400;\"> that had been building and brought us right back to where we were last year when mortgage rates shot up. There\u2019s this fear that everything will crash. There are bank failures, inflation, recession fears, mortgage-rate volatility, a war in Ukraine, spy balloons\u2014some people are wondering if they should pull their money out of the bank and park it in a safe rather than spend it on a new home.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pendleton continued: \u201cThe irony is that it\u2019s actually a pretty good time to buy in Boise. The dropoff in homebuyer demand means that prices are falling and many sellers\u2014especially <\/span><a href=\"https:\/\/www.redfin.com\/news\/new-construction-q3-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">homebuilders<\/span><\/a><span style=\"font-weight: 400;\">\u2014are offering <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-seller-concessions-february-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">concessions<\/span><\/a><span style=\"font-weight: 400;\">. It\u2019s not uncommon for a buyer to get a home for less than the list price.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just 28.5% of U.S. homes sold for more than their final list price in March, down from 54.1% a year earlier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pandemic boomtowns and expensive coastal markets are seeing their housing markets slow quickly because home prices overheated in recent years and are now coming back down to earth after many buyers were priced out. Prices in Boise, for example, surged a record 40.9% in May 2021 as low mortgage rates, remote work and relatively affordable housing brought in scores of homebuyers from more expensive parts of the country. That compares with a national record increase of 26% the same month. Redfin\u2019s records date back to 2012.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Markets that didn\u2019t heat up as much in recent years are holding up relatively well. Pending sales fell the <\/span><i><span style=\"font-weight: 400;\">least<\/span><\/i><span style=\"font-weight: 400;\"> in<\/span><span style=\"font-weight: 400;\"> Fort Worth, TX, Dallas, Indianapolis, Cincinnati, and Buffalo, NY. And p<\/span><span style=\"font-weight: 400;\">rices <\/span><i><span style=\"font-weight: 400;\">rose<\/span><\/i><span style=\"font-weight: 400;\"> more than 10% year over year in March in Milwaukee, El Paso, TX, Omaha, NE, Camden, NJ and Knoxville, TN\u2014the biggest gainers in the country. When nationwide price growth hit a record 26% in May 2021, Milwaukee prices were up just 12.5%\u2014meaning they had less room to fall.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-76106\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-11.45.54-AM.png\" alt=\"\" width=\"760\" height=\"392\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-11.45.54-AM.png 760w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-11.45.54-AM-300x155.png 300w\" sizes=\"(max-width: 760px) 100vw, 760px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Nashville, the housing market has slowed from its pandemic peak, but demand is stable, according to local Redfin real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/jennifer-bowers\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Jennifer Bowers<\/span><\/a><span style=\"font-weight: 400;\">. Prices are up about 1% from a year ago and pending sales are down slightly less than the country as a whole.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNashville\u2019s housing market is steady,\u201d Bowers said. \u201cWe\u2019re still seeing a lot of folks move in from Chicago, Texas, California and Colorado\u2013places people haven\u2019t historically come to Nashville from. Some are moving in for political reasons, some for our low taxes, and many for our relatively affordable home prices. Prices are high in the eyes of many locals, but we\u2019re still pretty affordable compared to a lot of parts of the country. We also have a solid <\/span><a href=\"https:\/\/fortune.com\/2023\/04\/03\/nashville-hottest-job-market-america-ranked\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">job market<\/span><\/a><span style=\"font-weight: 400;\"> and a lot of newly-built houses coming on the market, which is supporting home sales.\u201d<\/span><\/p>\n<h3>There Aren&#8217;t Enough Homes for Sale Even Though Fewer People Are Buying<\/h3>\n<p><span style=\"font-weight: 400;\">Elevated mortgage rates are prompting both buyers and sellers to stay put. New listings fell 23.3% year over year in March to the lowest level on record aside from the start of the pandemic on a seasonally-adjusted basis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-76107\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/listings.png\" alt=\"\" width=\"577\" height=\"392\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/listings.png 577w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/listings-300x204.png 300w\" sizes=\"(max-width: 577px) 100vw, 577px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many homeowners are hesitant to sell because moving would mean taking on a higher mortgage rate when they buy their next home. The average 30-year-fixed mortgage rate was 6.54% in March, up from 4.17% a year earlier. Others are staying put because they already bought their dream home in recent years or fear they won\u2019t be able to find another home they like given the shortage of listings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A lack of homes on the market is contributing to the decline in sales, preventing home prices from falling further and leading to bidding wars in some markets. More than two of every five (44.3%) home offers written by Redfin agents faced competition in March. The bidding-war rate has hovered around that level for the past five months following nearly a year of month-over-month declines.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76108\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/bidding-wars-chart-1024x716.png\" alt=\"\" width=\"577\" height=\"403\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/bidding-wars-chart-1024x716.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/bidding-wars-chart-300x210.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/bidding-wars-chart-768x537.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/bidding-wars-chart.png 1308w\" sizes=\"(max-width: 577px) 100vw, 577px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cLow inventory is driving the market and causing bidding wars to intensify. I have two listings that have each received around 10 offers in the past few weeks,\u201d said<\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/daniel-close\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">Dan Close<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in Chicago. \u201cBuyers\u2019 agents are trying so hard to find homes for their clients that they\u2019re calling me before my listings even hit the market. I did a consult with a seller recently and before we had anything in ink, three brokers phoned to say they\u2019d heard about the home through word of mouth and wanted to know more. We had two above-asking offers on the $2 million home within 24 hours. There weren\u2019t even any photos online yet.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One loft in Chicago\u2019s <\/span><a href=\"https:\/\/www.redfin.com\/neighborhood\/28211\/IL\/Chicago\/Lincoln-Park\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Lincoln Park<\/span><\/a><span style=\"font-weight: 400;\"> neighborhood recently sold for $125,000 over the $500,000 asking price. The property needed some work but was underpriced, Close said. One bidder offered to pay cash and waived both the appraisal and inspection contingencies and still didn\u2019t win the bidding war.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOne of my sellers recently got multiple offers on their home, but pulled the listing off the market when they found out their interest rate was going to double,\u201d said Bowers, the Nashville agent. \u201cThere are a lot of homeowners who don\u2019t want to give up their 2.5% or 3% rate for a 6.5% rate. Both buyers and sellers are having a tough time adjusting because rates are <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-volatility-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">swinging<\/span><\/a><span style=\"font-weight: 400;\"> up and down so quickly.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Roughly 55,000 home-purchase agreements were canceled in March, equal to 14.8% of homes that went under contract. That\u2019s down from the 2022 peak of 16.8% in October but up from 11.2% a year earlier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76109\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/pendings-fallen-thru-chart-1024x709.png\" alt=\"\" width=\"577\" height=\"400\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/pendings-fallen-thru-chart-1024x709.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/pendings-fallen-thru-chart-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/pendings-fallen-thru-chart-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/pendings-fallen-thru-chart.png 1302w\" sizes=\"(max-width: 577px) 100vw, 577px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis year\u2019s spring homebuying season is lackluster,\u201d said Redfin Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/#:~:text=Daryl%20Fairweather%20is%20the%20chief,York%20Times%20and%20Washington%20Post.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThere are some signs of the typical seasonal uptick\u2014homes are selling faster than they were in the winter\u2014but that\u2019s partly because there are so few new listings. Normally we see homebuyers come out in throngs at this time of year, which isn\u2019t happening.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">March Highlights<\/span><\/h3>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>March 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;\">$400,528<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.3%<\/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;\">372,126<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-26.6%<\/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;\">444,572<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-22.3%<\/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;\">459,934<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.2%<\/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 (active listings)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1,508,454<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.6%<\/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;\">1.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7<\/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;\">43<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23<\/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;\">14.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8 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;\">28.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.9 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-25.6 ppts<\/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;\">98.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.5 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;\">44.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.2 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-18 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;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6 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;\">6.54%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.28 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.37 ppts<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<div id=\"viz1681850586889\" 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\" 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<\/script><\/p>\n<h3><\/h3>\n<h3><span style=\"font-weight: 400;\">Metro-Level Highlights: March 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. A full metro-level data table can be found in the \u201cDownload\u201d tab of the dashboard embedded above, or <\/span><\/i><i><span style=\"font-weight: 400;\">in 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<ul>\n<li aria-level=\"1\"><b>Pending sales: <\/b><span style=\"font-weight: 400;\">In <\/span><a href=\"https:\/\/www.redfin.com\/city\/2287\/ID\/Boise\"><span style=\"font-weight: 400;\">Boise<\/span><\/a><span style=\"font-weight: 400;\">, pending sales fell 78.8% 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;\">Baton Rouge, LA<\/span><span style=\"font-weight: 400;\"> (-66.3%), <\/span><span style=\"font-weight: 400;\">Allentown, PA<\/span><\/a><span style=\"font-weight: 400;\"> (-60.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/34945\/HI\/Honolulu\"><span style=\"font-weight: 400;\">Honolulu<\/span><\/a><span style=\"font-weight: 400;\"> (-56.6%) and <\/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;\"> (-53.4%). The smallest declines were in <\/span><a href=\"https:\/\/www.redfin.com\/city\/30827\/TX\/Fort-Worth\"><span style=\"font-weight: 400;\">Fort Worth<\/span><\/a><span style=\"font-weight: 400;\"> (-2.6%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30794\/TX\/Dallas\"><span style=\"font-weight: 400;\">Dallas<\/span><\/a><span style=\"font-weight: 400;\"> (-4.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/9170\/IN\/Indianapolis\"><span style=\"font-weight: 400;\">Indianapolis<\/span><\/a><span style=\"font-weight: 400;\"> (-5.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/3879\/OH\/Cincinnati\"><span style=\"font-weight: 400;\">Cincinnati<\/span><\/a><span style=\"font-weight: 400;\"> (-8.7%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/2832\/NY\/Buffalo\"><span style=\"font-weight: 400;\">Buffalo<\/span><\/a><span style=\"font-weight: 400;\"> (-12.2%).<\/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\/17420\/CA\/San-Jose\"><span style=\"font-weight: 400;\">San Jose<\/span><\/a><span style=\"font-weight: 400;\">, closed sales dropped 39.1% year over year. The next biggest declines were in <\/span><a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\"><span style=\"font-weight: 400;\">San Francisco<\/span><\/a><span style=\"font-weight: 400;\"> (-39%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/13654\/CA\/Oakland\"><span style=\"font-weight: 400;\">Oakland<\/span><\/a><span style=\"font-weight: 400;\"> (-38.7%), <\/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;\"> (-37.2%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/30772\/OR\/Portland\"><span style=\"font-weight: 400;\">Portland, OR<\/span><\/a><span style=\"font-weight: 400;\"> (-36.9%). Closed sales fell the least in <\/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;\"> (-3.4%), Dallas (-3.5%), Indianapolis (-5.2%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/8694\/MI\/Grand-Rapids\"><span style=\"font-weight: 400;\">Grand Rapids, MI<\/span><\/a><span style=\"font-weight: 400;\"> (-5.6%) and Forth Worth (-7.8%).<\/span><\/li>\n<li aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices fell from a year earlier in 37 metros. The biggest declines were in Boise (-15.4%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\"><span style=\"font-weight: 400;\">Austin<\/span><\/a><span style=\"font-weight: 400;\"> (-13.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\"><span style=\"font-weight: 400;\">Sacramento<\/span><\/a><span style=\"font-weight: 400;\"> (-11.9%), San Jose (-10.5%) and Oakland (-9.7%). The biggest increases were in\u00a0 <\/span><a href=\"https:\/\/www.redfin.com\/city\/35759\/WI\/Milwaukee\"><span style=\"font-weight: 400;\">Milwaukee<\/span><\/a><span style=\"font-weight: 400;\"> (11.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/6171\/TX\/El-Paso\"><span style=\"font-weight: 400;\">El Paso<\/span><\/a><span style=\"font-weight: 400;\"> (11.1%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/9417\/NE\/Omaha\"><span style=\"font-weight: 400;\">Omaha<\/span><\/a><span style=\"font-weight: 400;\"> (10.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/2570\/NJ\/Camden\"><span style=\"font-weight: 400;\">Camden<\/span><\/a><span style=\"font-weight: 400;\"> (10.2%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/10200\/TN\/Knoxville\"><span style=\"font-weight: 400;\">Knoxville<\/span><\/a><span style=\"font-weight: 400;\"> (10.2%)<\/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 (-57.1%), Boise (-55.2%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/19009\/CA\/Stockton\"><span style=\"font-weight: 400;\">Stockton, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-46.8%), Greensboro (-46.5%) and Sacramento (-44.8%). They rose in just one metro\u2014<\/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;\"> (4.3%)\u2014and fell least in North Port (-0.2%), <\/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;\"> (-2.3%) Austin (-3%) and Fort Worth (-4.1%).<\/span><\/li>\n<li aria-level=\"1\"><b>Supply: <\/b><span style=\"font-weight: 400;\">Active listings rose most from a year earlier in North Port (90.7%), Austin (65.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/13415\/TN\/Nashville\"><span style=\"font-weight: 400;\">Nashville<\/span><\/a><span style=\"font-weight: 400;\"> (58.7%), Fort Worth (54.3%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/14233\/LA\/New-Orleans\"><span style=\"font-weight: 400;\">New Orleans<\/span><\/a><span style=\"font-weight: 400;\"> (50.6%). They fell most in Allentown (-41.7%), Cincinnati (-34.8%), Greensboro (-34.3%), <\/span><a href=\"https:\/\/www.redfin.com\/county\/760\/IL\/Lake-County\"><span style=\"font-weight: 400;\">Lake County, IL<\/span><\/a><span style=\"font-weight: 400;\"> (-29%) and Milwaukee (-28.1%).<\/span><\/li>\n<li aria-level=\"1\"><b>Competition:<\/b><span style=\"font-weight: 400;\"> In <\/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;\">, 26.5% of home offers written by Redfin agents faced competition, down from 74.8% a year earlier. That 48.4-percentage-point decline is the largest decline among the metros Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/13223\/WA\/Olympia\"><span style=\"font-weight: 400;\">Olympia, WA<\/span><\/a><span style=\"font-weight: 400;\"> (-40.7 ppts), <\/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;\"> (-40.4 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;\"> (-36.7 ppts) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\"><span style=\"font-weight: 400;\">Phoenix<\/span><\/a><span style=\"font-weight: 400;\"> (-33.9 ppts). Competition rose in just one metro Redfin analyzed: <\/span><a href=\"https:\/\/www.redfin.com\/city\/20420\/MA\/Worcester\"><span style=\"font-weight: 400;\">Worcester, MA<\/span><\/a><span style=\"font-weight: 400;\"> (4.5 ppts). It fell the least in <\/span><a href=\"https:\/\/www.redfin.com\/city\/12839\/DC\/Washington-DC\"><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/a><span style=\"font-weight: 400;\"> (-4.1 ppts) <\/span><a href=\"https:\/\/www.redfin.com\/city\/5665\/MI\/Detroit\"><span style=\"font-weight: 400;\">Detroit<\/span><\/a><span style=\"font-weight: 400;\"> (-5.6 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\"><span style=\"font-weight: 400;\">Atlanta<\/span><\/a><span style=\"font-weight: 400;\"> (-5.8 ppts) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/1073\/MD\/Baltimore\"><span style=\"font-weight: 400;\">Baltimore<\/span><\/a><span style=\"font-weight: 400;\"> (-7.2 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>March 2023: Share of Redfin Offers That Faced Competition<\/b><\/td>\n<td><b>Feb. 2023: Share of Redfin Offers That Faced Competition<\/b><\/td>\n<td><b>March 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;\">59.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.2%<\/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;\">43.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">74.0%<\/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;\">66.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">79.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.3%<\/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;\">60.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">69.8%<\/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;\">31.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">72.0%<\/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;\">47.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">57.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">74.2%<\/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;\">52.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">74.3%<\/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;\">59.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Honolulu,HI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.3%<\/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;\">39.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.2%<\/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;\">26.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">74.8%<\/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;\">42.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">75.9%<\/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;\">46.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">75.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.8%<\/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;\">49.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Olympia, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78.2%<\/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;\">38.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">72.5%<\/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;\">29.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">87.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78.7%<\/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;\">40.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.0%<\/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;\">39.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.7%<\/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;\">53.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">74.1%<\/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;\">34.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.3%<\/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;\">68.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">80.0%<\/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;\">64.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.6%<\/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 Jose, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">77.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">79.1%<\/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;\">58.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">76.9%<\/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;\">45.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.2%<\/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;\">68.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">72.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Worcester, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">84.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">74.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">79.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National\u2014U.S.A. (seasonally adjusted)<\/b><\/td>\n<td><b>44.3%<\/b><\/td>\n<td><b>46.4%<\/b><\/td>\n<td><b>62.2%<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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><b>Metro Area<\/b><\/td>\n<td><b>March 2023: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/b><\/td>\n<td><b>Feb. 2023: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/b><\/td>\n<td><b>March 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;\">13.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.9%<\/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;\">21.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.1%<\/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;\">14.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.0%<\/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;\">12.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.6%<\/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;\">9.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.7%<\/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;\">10.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.5%<\/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;\">15.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.4%<\/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;\">16.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.5%<\/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;\">13.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.1%<\/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;\">17.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.3%<\/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;\">15.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.3%<\/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;\">18.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.4%<\/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;\">19.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.0%<\/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;\">19.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.2%<\/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;\">18.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.1%<\/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;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/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;\">19.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/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;\">12.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/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;\">20.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.3%<\/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;\">15.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.5%<\/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;\">17.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.5%<\/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;\">8.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.9%<\/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;\">9.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.2%<\/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;\">6.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.1%<\/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;\">16.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.6%<\/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;\">11.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.5%<\/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;\">8.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/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;\">10.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.4%<\/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;\">8.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.1%<\/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;\">21.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.3%<\/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;\">11.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.5%<\/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;\">18.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.4%<\/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;\">13.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/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;\">13.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/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;\">11.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.7%<\/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;\">18.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.9%<\/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;\">15.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/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;\">21.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.6%<\/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;\">14.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/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;\">5.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.7%<\/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;\">5.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.8%<\/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;\">9.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.9%<\/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;\">13.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.0%<\/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;\">19.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.7%<\/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;\">14.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.0%<\/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;\">12.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, D.C.\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.8%<\/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;\">17.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National\u2014U.S.A.<\/b><\/td>\n<td><b>14.8%<\/b><\/td>\n<td><b>13.4%<\/b><\/td>\n<td><b>11.2%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pandemic boomtowns and pricey coastal markets, including Austin and San Jose, saw among the largest price declines. In many more affordable areas, prices continued to climb. Pending home sales dipped to the lowest level since the start of the pandemic as elevated mortgage rates curtailed buyer demand and a lack of homes for sale limited [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":76110,"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 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\/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-march-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Prices Fell 3% in March\u2014Biggest Annual Drop in Over a Decade\" \/>\n<meta property=\"og:description\" content=\"Pandemic boomtowns and pricey coastal markets, including Austin and San Jose, saw among the largest price declines.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-march-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-19T12:00:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/04\/12860-Admiral-Ave-9.jpg\" \/>\n\t<meta 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