In December, the median price of a home for sale dropped 1.8% from the same month last year, leading to a median price of $402,502. This trend signifies a significant shift from the previous years' increasing values.
Homes for sale were on the market for 70 days nationwide, making December the slowest in five years. Despite this, the average time spent is still eight days less than the typical December from 2017 to 2019.
Florida cities like Miami and Tampa saw notable decreases in home values, possibly due to recent hurricanes increasing home insurance costs, which collectively dropped home values by nearly 10% in some areas.
While some cities like Cleveland and Detroit experienced increased home prices of 9.1% and 6.2% respectively, other major markets such as San Francisco and San Jose faced declines, emphasizing the varying nature of the real estate market.
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