Downshift! US Home Prices Fall By 0.7% In September, 5th Straight Month Of Declines (Tampa Leads The Decline Followed By San Francisco)

US home prices are downshifting to a lower gear.

Home prices across the top 20 cities in the US fell by 0.07% MoM (less than the 0.2% decline expected) – the fifth straight monthly drop in prices. This pulled the YoY price appreciation down to 1.82%, the lowest since July 2023.

The U.S. housing market continues its dramatic shake-up, with 7 cities seeing outright price declines YoY, lead by Tampa FL.

• Denver -0.6%
• San Diego -0.7%
• Phoenix -0.9%
• Dallas -1.3%
• Miami -1.3%
• San Francisco -1.9%
• Tampa -2.8%

On the up side, Attom lists the following big gainers in price.

#10 – Wichita County, Texas

• YOY Percentage Change in Median Home Price: 21.3%
• Q3 2005 Median Sales Price: $207,280

#9 – Whitfield County, Georgia

• YOY Percentage Change in Median Home Price: 21.5%
• Q3 2005 Median Sales Price: $279,500

#8 – Tompkins County, New York

• YOY Percentage Change in Median Home Price: 22.1%
• Q3 2005 Median Sales Price: $420,000

#7 – Fayette County, Pennsylvania

• YOY Percentage Change in Median Home Price: 22.3%
• Q3 2005 Median Sales Price: $165,000

#6 – Schuylkill County, Pennsylvania

• YOY Percentage Change in Median Home Price: 23.1%
• Q3 2005 Median Sales Price: $139,500

#5 – Jackson County, Michigan

• YOY Percentage Change in Median Home Price: 23.2%
• Q3 2005 Median Sales Price: $232,920

#4 – Kankakee County, Illinois

• YOY Percentage Change in Median Home Price: 24.6%
• Q3 2005 Median Sales Price: $233,750

#3 – Tom Green County, Texas

• YOY Percentage Change in Median Home Price: 26.8%
• Q3 2005 Median Sales Price: $283,231

#2 – Saint Louis County, Missouri

• YOY Percentage Change in Median Home Price: 28.2%
• Q3 2005 Median Sales Price: $312,500

#1 – Jasper County, Missouri

• YOY Percentage Change in Median Home Price: 32.1%
• Q3 2005 Median Sales Price: $241,894 

A simple model of national home prices? Try Fed money printing.