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The American cities where home prices are falling the most - with a beach paradise and Texas hotspot among the surprises
Home prices are finally starting to steady following pandemic boom, and have already begun falling in many cities across the country.
In fact, twenty of the US's fifty largest cities have seen declines since last year, according to a new report by Realtor.com.
The news will be welcome to cash-strapped first time buyers and others priced out by higher mortgage costs.
The average home price across the country was $442,500 as of May - which is 'relatively stable compared to the same time last year,' according to Realtor.com Chief Economist Danielle Hale.
But some areas are seeing big drops, including Miami where the average price dropped 11 percent.
Pandemic boomtowns like Miami, and also Austin, attracted tens of thousands of Americans looking to buy cheaper and bigger homes - compared to cities like New York and LA.
But that demand has gone now as people return to offices, and are unable to work from home as they were in the pandemic.
That means homes are staying on the market for longer, and sellers are cutting prices to shift them.
However, lower home prices in these areas do not guarantee lower housing payments.
Mortgage rates remain elevated, with median monthly payments now up 7.1 percent on last year.
A separate report also recently highlighted cities where house prices are set to drop - and most are in the South.
Below we cover the 11 cities were home prices have fallen the most, according to Realtor.com. You can also see them in the graphic above.
1. Miami, Florida
The biggest drop in median home prices came in Miami, which saw a 11.2 percent drop since last year.
The median house price is now $439,000.
2. Denver, Colorado
Denver saw the second biggest year-on-year drop in median house prices, falling 6.3 percent.
The median home price in the city remains high however, sitting at $639,000.
3. Seattle, Washington
Median house prices in Seattle currently reside at $777,000.
This represents a drop of 5.5 percent year-on-year.
4. Kansas City, Missouri
Home values also fell in Kansas City bringing the median price down to $440,000, a 4,9 percent dip from the previous year.
5. Oklahoma City, Oklahoma
Median home prices dropped 4.3 percent in Oklahoma City since the same time last year.
The median home price is now $339,000.
6. San Jose, California
Despite median home prices being a whopping $1,469,000, San Jose saw a 4 percent slide in the last year.
7. Tampa, Florida
Florida also saw another city hit by plummeting home prices.
Whilst a more modest drop than Miami, Tampa saw a 3.2 percent slide over the last year bringing median home prices down to $425,000.
8. Austin, Texas
Down in Texas home prices also fell in Austin.
The city saw a 3.1 percent fall in median home prices to $565,000.
9. Detroit, Michigan
Detroit's median home price fell to $260,000, a 3 percent drop year-on-year.
10. San Antonio, Texas
Elsewhere in Texas, San Antonio saw a drop of 2.6 percent over the last year.
That change brought median house prices down to $348,000.
11. Raleigh, North Carolina
Raleigh saw home prices drop to a median of $462,000, down 2.6 percent since the same time last year.