In a hot housing market with nationally rising prices, there are still some U.S. cities that are seeing home prices fall.
Realtor.com found that 27 of the nation’s 350 largest metros saw price drops over the last two years. Many of the decreases can be attributed to overbuilding, natural disasters, and layoffs in areas with strong ties to the petroleum industry.
The city with the greatest drop was Santa Maria-Santa Barbara, Calif., where the median home price has fallen 17.7 percent to $951,600. Pottsville, Pa. followed with a drop of 8.1 percent to a median price of $72,300, and then Napa, Calif. (6.7 percent drop) with a new median price of $823,900.
