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A 2022 housing correction in the midst of fast-rising borrowing costs has skewed the national housing market with Western regions exhibiting heightened sensitivity to interest rates and Eastern markets seeing steady growth with relative affordability. The local housing markets notching the biggest annual home price gains in June were McAllen, Texas, with an increase of 11.8%; Knoxville, Tenn., where prices were up 8.3%; and Omaha, Neb., with a gain of 8.1%.
On the opposite end of the spectrum, the most significant declines were posted in Western markets such as Boise City, Idaho, with a 10.5% decrease; Austin, Texas, with a price drop of 10.2%; and Phoenix where prices were down 6.5% year-over-year in June, Fortune reports.
While 23 of the nation's 100 largest housing markets are down year-over-year, according to the June reading of the Freddie Mac House Price Index, only 3 of those markets saw a month-over-month decline between May 2023 and June 2023 (see chart down below). Of the nation's 100 largest housing markets, 97 markets saw a month-over-month home price increase between May 2023 and June 2023.
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