"Average home prices in these metros fell from $1.04 million to $1.01 million, marking a sharper correction than in the overall national housing market, which remained essentially flat. Listings are also staying on the market longer. Average days on market rose to 73.2 days, up more than 20% compared with last year. Nearly 40% of homes underwent price reductions, signaling an increasingly selective buyer pool."
"Only three of the 37 high-price metros posted strong year-over-year price gains while keeping days on market increases relatively modest. Honolulu led all markets with a 9.47% surge in median price, climbing from $1.31 million to $1.44 million. While homes took slightly longer to sell an additional 4.9 days demand remained robust. Honolulu's Market Action Index of 34.5 indicates a balanced but active market driven by an ongoing appetite for destination properties."
"Across these markets, days on market rose an average of 13.1 days as purchasers weigh more options and negotiate more aggressively. Eight markets posted price declines of 5% or more, with California metros facing some of the steepest corrections. Napa recorded the most dramatic shift, dropping 10.35% to a $1.52 million median. Homes also took an average of 42.9 additional days to sell, pushing Napa into clear buyer's-market territory with a Market A"
Average prices in high-end metros declined from $1.04 million to $1.01 million, a sharper correction than the national market. Listings are staying longer, with average days on market rising to 73.2 days, up over 20% year over year, and nearly 40% of listings taking price reductions. HousingWire Data's Market Action Index fell from 39.7 to 37.1. Only three of 37 high-price metros posted strong year-over-year gains while keeping selling-time increases modest; Honolulu, Barnstable Town (Cape Cod) and the New York region showed resilience. Fourteen markets were stable; eight experienced declines of 5% or more, led by Napa.
Read at www.housingwire.com
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