U.S. home prices just kept rising on a year-over-year basis in February, according to property analytics firm CoreLogic. However, price growth now is slowing and that trend is expected to continue.
From February 2023 to February 2024, home prices rose 5.5% nationwide. Prices also rose by 0.7% in February compared with January.
Still, CoreLogic says the residual impact of comparing year-over-year gains to weak home prices in 2022 now is fading. The firm expects slower price gains for the rest of the year.
In fact, some key markets could soon see prices slide. CoreLogic says the following metropolitan areas are in the greatest danger of slipping during the next 12 months.
North Port-Sarasota-Bradenton, Florida
This housing market’s likelihood of a price decline over the next 12 months: Very high (more than 70% probability)
Seniors, take note: Sarasota County finished at No. 1 on the list of “The 10 Best U.S. Counties for Retirees in 2023.” If prices decline, you might be able to snatch a bargain in this retiree haven.
Spokane-Spokane Valley, Washington
This housing market’s likelihood of a price decline over the next 12 months: Very high (more than 70% probability)
Some people love living by the water, but others prefer the mountains. If you are in the latter camp, Spokane can be a great place to live. Nestled between the North Cascade Range and Selkirk Mountains, it made the list in “16 Great Places to Retire in the Mountains.”
Deltona-Daytona Beach-Ormond Beach, Florida
This housing market’s likelihood of a price decline over the next 12 months: Very high (more than 70% probability)
Daytona Beach is a Florida metro with relatively affordable housing. Beach bums might want to consider the city, which is one of “9 Great Places to Retire by the Beach.”
Atlanta-Sandy Springs-Roswell, Georgia
This housing market’s likelihood of a price decline over the next 12 months: Very high (more than 70% probability)
Atlanta is a world-class city with great job opportunities and endless things to do. However, it is also appears in our story “Homeowners Beware: 15 U.S. Cities That Are Crawling With Termites.”
Palm Bay-Melbourne-Titusville, Florida
This housing market’s likelihood of a price decline over the next 12 months: Very high (more than 70% probability)
If you want to move to the Sunshine State, this might be the right region for you: Both Palm Bay and Melbourne appear on the list of “6 of the Cheapest Places to Live in Florida.”
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