March 2019 brought on an event that hasn't happened for seven years for the housing market. The U.S. home-sale prices rolled back 0.1 percent, bringing on the first year-over-year price decrease on record since February 2012, according to a new report from Redfin.
"Despite this decline, Redfin’s data determined that only nine of the 85 largest metros saw a year-over-year decline in their median price," according to HousingWire.
"This was especially so for San Jose, California, which saw its home prices fall 13% in March. That being said, other California cities like San Francisco experienced declines as little as 1%."
While the West Coast has been seeing a slow in home sales, the report revealed the East Coast has seen an uptick in annual sales with market affordability playing a large factor in the jump.
"Homebuyers have backed off in West Coast metros where home prices have risen far out of their budgets," Redfin Chief Economist Daryl Fairweather said, according to HousingWire.
"The opposite is happening in more affordable metros where buyers are eager to buy now to take advantage of low mortgage rates. In California, where the tax burden is high, some people are finding they have to move out of state to afford to buy a home. As a result, home sales are down in metros throughout the state."
To learn more about the decrease in home-sale prices across the U.S., click on the image above.