Home Economy The 16 housing market in the United States is declining the most

The 16 housing market in the United States is declining the most

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More than ten years have gone since the US housing bubble explosion began and the 2008 financial crisis started.

Domestic prices in large cities around the country lost around a third of their value during the recession but national prices have since recovered and even after the crisis levels have been exceeded. And while domestic prices are always close to their highest levels, the recovery is largely uneven. While prices in the vast majority of housing markets are growing, in a few, prices have declined over the past year.

Based on changes in individual household house prices during the year through the second quarter of 2019 from the National Association of Realtors, 24 Wall Wall carried out a review of the housing markets were declining faster. One-family home price data came for the 180 metropolitan areas reviewed by the National Association of Realtors. Income data from the US Census Bureau of the United States of America.

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The decline in house prices in these markets reflects, in some cases, some of the longer term trend of low housing demand in a market which continues to struggle due to a weak economy. This is so for places like Peoria, Ill., And Binghamton, New York, where the typical home costs more than $ 100,000 less than the national median of $ 279,000. Not only do economic difficulties affect the ability of residents to afford housing, but some may push them out, resulting in lower housing demand. Some cities on this list are among the fastest shifting cities in America.

However, not all housing markets on this list enter this group. Some of the metro areas that house prices are declining are among the healthiest and most demanding housing markets in the country. For example, while house prices in San Jose and San Francisco declined, the two cities are the second most expensive and expensive market in the country. In these cases, house price reductions may be a non-viable market correction when prices were too high. These are the 25 least affordable housing market in America.

16. Fargo, N.D.-Minn. (Photo: DenisTangneyJr / Getty Images)

16. Fargo, N.D.-Minn.

• 1-year. chg. domestic median sale price: -0.4%

• Average home sales price 2018 Q2: $ 219,800

• Average home sales price 2019 R2: $ 219,000

• Average household income: $ 63,353

15. Bridgeport-Stamford-Norwalk, Conn.

• 1-year. chg. domestic median sale price: -0.6%

• Average home sales price 2018 Q2: $ 473,100

• Average home sales price 2019 R2: $ 470,100

• Average household income: $ 91,198

14. Rockford, Ill.

• 1-year. chg. domestic median sale price: -0.7%

• Average home sales price 2018 Q2: $ 128,800

• Average home sales price 2019 R2: $ 127,900

• Average household income: $ 55,484

13. City of Panama, Fla.

• 1-year. chg. domestic median sale price: -0.8%

• Average home sales price 2018 Q2: $ 222,800

• Average home sales price 2019 R2: $ 221,100

• Average household income: $ 51,594

12. Topeka, Kan.

• 1-year. chg. domestic median sale price: -0.9%

• Average home sales price 2018 Q2: $ 139,300

• Average home sales price 2019 R2: $ 138,100

• Average household income: $ 56,834

11. Boulder, Colo.

• 1-year. chg. domestic median sale price: -0.9%

• Average home sales price 2018 Q2: $ 631,100

• Average home sales price 2019 R2: $ 625,300

• Average household income: $ 80,834

10. Champaign-Urbana, Ill.

• 1-year. chg. domestic median sale price: -1.0%

• Average home sales price 2018 Q2: $ 157,700

• Average home sales price 2019 R2: $ 156,100

• Average household income: $ 50,999

9. Urban Honolulu, Hawaii

• 1-year. chg. domestic median sale price: -1.2%

• Average home sales price 2018 Q2: $ 795,200

• Average home sales price 2019 R2: $ 785,500

• Average household income: $ 81,284

8. Oklahoma City, Okla.

• 1-year. chg. domestic median sale price: -1.3%

• Average home sales price 2018 Q2: $ 164,500

• Average home sales price 2019 R2: $ 162,400

• Average household income: $ 56,260

7. San Francisco-Oakland-Hayward, Calif.

• 1-year. chg. domestic median sale price: -1.9%

• Average home sales price 2018 Q2: $ 1,070,000

• Average home sales price 2019 R2: $ 1,050,000

• Average household income: $ 101,714

6. Island Napoli-Immokalee-Marco, Fla.

• 1-year. chg. domestic median sale price: -2.4%

• Average home sales price 2018 Q2: $ 465,000

• Average home sales price 2019 R2: $ 454,000

• Average household income: $ 66,048

5. Oshkosh-Neenah, Wis.

• 1-year. chg. domestic median sale price: -2.8%

• Average home sales price 2018 Q2: $ 157,200

• Average home sales price 2019 R2: $ 152,800

• Average household income: $ 56,678

4. Binghamton, N.Y.

• 1-year. chg. domestic median sale price: -2.9%

• Average home sales price 2018 Q2: $ 122,900

• Average home sales price 2019 R2: $ 119,300

• Average household income: $ 50,545

3. Peoria, Ill.

• 1-year. chg. domestic median sale price: -3.4%

• Average home sales price 2018 Q2: $ 129,400

• Average home sales price 2019 R2: $ 125,000

• Average household income: $ 57,453

2. San Jose-Sunnyvale-Santa Clara, Calif.

• 1-year. chg. domestic median sale price: -5.3%

• Average home sales price 2018 Q2: $ 1,405,000

• Average home sales price 2019 R2: $ 1,330,000

• Average household income: $ 117,474

1. Bismarck, N.D.

• 1-year. chg. domestic median sale price: -5.5%

• Average home sales price 2018 Q2: $ 263,200

• Average home sales price 2019 R2: $ 248,800

• Average household income: $ 66,087

It is a subject partner of TODAY USA 24/7 Wall Street offering financial news and commentary. Its production material is independently of US TODAY.

Read or Share this story: https://www.usatoday.com/story/money/2019/08/25/americas-fastest-shrinking-housing-markets/39993295/

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