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More than a decade has passed since the bursting of the US housing bubble and the beginning of the 2008 financial crisis.
House prices in the country's major cities lost about a third of their value during the recession, but domestic prices have since rebounded and even surpassed pre-crisis levels. And while home prices are now close to their highest levels ever, the recovery has been largely uneven. While prices in the vast majority of housing markets are rising, in a handful of them, prices have actually declined over the last year.
24/7 Wall St., based on the median price changes of single-family homes in the last quarter of 2019 and published by the National Association of Realtors, examined the fastest-growing housing markets . The single-family home price data for the 180 metropolitan areas examined comes from the National Association of Realtors. The income data come from the American Community Survey of the United States Census Bureau.
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The decline in real estate prices in these markets, in some cases, fits into the long-term trend of weak housing demand in a market that continues to experience difficulties due to the weakness of the economy. This is the case in cities like Peoria, Ill. And Binghamton, in the state of New York, where the typical house costs more than $ 100,000 less than the national median of $ 279,000. Economic struggles can not only affect residents' ability to afford housing, but also move some away from housing, leading to a decline in housing demand. Some of the cities on this list are among the fastest growing cities in America.
All housing markets on this list, however, are not part of this group. Some of the metropolitan areas where home prices are falling are among the healthiest and most sought after housing markets in the country. For example, while home prices have declined in San Jose and San Francisco, the two cities remain the second most expensive and expensive market in the country. In these cases, falling home prices may be a correction in an unaffordable market where prices were too high. These are the 25 least affordable housing markets in America.
16. Fargo, N.D.-Minn.
• 1 year chg. in median selling price: -0.4%
• Median Home Sale Price 2018 Q2: $ 219,800
• Median Home Sale Price 2019 Q2: $ 219,000
• Median household income: $ 63,353
15. Bridgeport-Stamford-Norwalk, Conn.
• 1 year chg. in median selling price: -0.6%
• Median Home Sale Price 2018 Q2: $ 473,100
• Median Home Sale Price 2019 Q2: $ 470,100
• Median household income: $ 91,198
14. Rockford, Ill.
• 1 year chg. in median selling price: -0.7%
• Median Home Sale Price 2018 Q2: $ 128,800
• Median Home Sale Price 2019 Q2: $ 127,900
• Median household income: $ 55,484
13. Panama City, Fla.
• 1 year chg. in median selling price: -0.8%
• Median Home Sale Price 2018 Q2: $ 222,800
• Median Home Sale Price 2019 Q2: $ 221,100
• Median household income: $ 51,594
12. Topeka, Kan.
• 1 year chg. in median selling price: -0.9%
• Median Home Sale Price 2018 Q2: $ 139,300
• Median Home Sale Price 2019 Q2: $ 138,100
• Median household income: $ 56,834
11. Boulder, Colo.
• 1 year chg. in median selling price: -0.9%
• Median Home Sale Price 2018 Q2: $ 631,100
• Median Home Sale Price 2019 Q2: $ 625,300
• Median household income: $ 80,834
10. Champaign-Urbana, Ill.
• 1 year chg. in median selling price: -1.0%
• Median Home Sale Price 2018 Q2: $ 157,700
• Median Home Sale Price 2019 Q2: $ 156,100
• Median household income: $ 50,999
9. Urban Honolulu, Hawaii
• 1 year chg. in median selling price: -1.2%
• Median Home Sale Price 2018 Q2: $ 795,200
• Median Home Sale Price 2019 Q2: $ 785,500
• Median household income: $ 81,284
8. Oklahoma City, Okla.
• 1 year chg. in median selling price: -1.3%
• Median Home Sale Price 2018 Q2: $ 164,500
• Median Home Sale Price 2019 Q2: $ 162,400
• Median household income: $ 56,260
7. San Francisco-Oakland-Hayward, California.
• 1 year chg. in median selling price: -1.9%
• Median Home Sale Price 2018 Q2: $ 1,070,000
• Median Home Sale Price 2019 Q2: $ 1,050,000
• Median household income: $ 101,714
6. Naples-Immokalee-Marco Island, Fla.
• 1 year chg. in median selling price: -2.4%
• Median Home Sale Price 2018 Q2: $ 465,000
• Median Home Sale Price 2019 Q2: $ 454,000
• Median household income: $ 66,048
5. Oshkosh-Neenah, Wis.
• 1 year chg. in median selling price: -2.8%
• Median Home Sale Price 2018 Q2: $ 157,200
• Median Home Sale Price 2019 Q2: $ 152,800
• Median household income: $ 56,678
4. Binghamton, N.Y.
• 1 year chg. in median selling price: -2.9%
• Median Home Sale Price 2018 Q2: $ 122,900
• Median Home Sale Price 2019 Q2: $ 119,300
• Median household income: $ 50,545
3. Peoria, Ill.
• 1 year chg. in median selling price: -3.4%
• Median Home Sale Price 2018 Q2: $ 129,400
• Median Home Sale Price 2019 Q2: $ 125,000
• Median household income: $ 57,453
2. San Jose-Sunnyvale-Santa Clara, California.
• 1 year chg. in median selling price: -5.3%
• Median Home Sale Price 2018 Q2: $ 1,405,000
• Median Home Sale Price 2019 Q2: $ 1,330,000
• Median household income: $ 117,474
1. Bismarck, N.D.
• 1 year chg. in median selling price: -5.5%
• Median Home Sale Price 2018 Q2: $ 263,200
• Median Home Sale Price 2019 Q2: $ 248,800
• Median household income: $ 66,087
24/7 Wall Street is a USA TODAY content partner offering news and financial commentary. Its content is produced independently of USA TODAY.
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