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  1. Housing
  2. Home Prices

10 Cities Where the Housing Costs Are Cooling Off Fast

By: Brenden Rearick
Brenden Rearick
Reporter | Joined March 2023
Brenden Rearick is a news reporter for Money who covers mortgages, real estate and lots of other personal finance topics. He has been a news reporter for Money since March of 2023.
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Editor: Brad Tuttle
Brad Tuttle, expert in Personal finance, shopping, consumer trends, and Senior Editor at Money
Brad Tuttle
Senior Editor | Joined January 2014
Brad Tuttle is a senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.
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Published: May 03, 2023 4 min read
Picture of Seattle
Seattle, Washington
Getty images

No one would say the housing market is full of deals at the moment. Home prices and mortgage rates alike are high enough to make buyers' eyes water. But in some major markets, costs are finally retreating and buyers are able to pay less than they would have a year ago.

A new study from real estate brokerage Redfin shows that the median home price in the U.S. saw a year-over-year decline of over 3% in March. Yet thanks to today's mortgage rates, the typical monthly payment for a home purchase is unaffordable for many buyers — so they aren’t really noticing the cooling.

However, the research also points to several markets where costs are deflating at a much faster pace.