Home Prices Fall in Unaffordable Markets While National Average Rises Slightly
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Home prices nationally rose 0.3% in February 2023, but fell in some specific markets due to more affordable inventory.
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Prices fell in unaffordable West Coast areas like San Francisco (-1.3%) and San Jose (-2.3%) that had seen declines during COVID.
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The Midwest saw declines in places like Cincinnati (-6.4%) and Kansas City (-4.9%) due to more smaller, cheaper homes for sale.
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Other falling markets include Portland (-1.2%), San Antonio (-1.5%), Raleigh (-2.2%), Denver (-3.6%), Oklahoma City (-7.4%), and Miami (-8.2%).
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Factors like rising interest rates, increased supply, decreased demand, and affordability issues could slow future price growth.