The 17 Cities Where Home Prices Are Still Falling Like A Knife

House Decline

Photo: Wikimedia Commons

Home prices continue to fall in the U.S. and may have a ways to go yet, according Robert Shiller.He says another 10-25% fall in prices is possible, noting that the bear market for real estate is not yet over.

For many cities across the U.S., that reality is already crystal clear.

Zillow.com just released new data on the U.S. housing market, and the news is horrific for those who think the we’re bottoming. Many cities have experienced significant month-over-month declines in prices and their year-over-year declines are even more ghastly.

We’ve ranked the cities by the month-over-month decline in the median home price. The national average is a 0.8% fall.

Mobile, AL prices down 1.4% month-over-month

The current average price of a home in Mobile, AL is $87,100. Prices have fallen 15.4%, year-over-year, according to Zillow.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Modesto, CA prices down 1.4% month-over-month

Home prices in Modesto, CA, have fallen 18.5% on a 5-year, annualized basis. The current cost of a home averages $130,100.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Medford, OR prices down 1.4% month-over-month

Home prices have fallen 15.1% year-over-year in the Medford, OR area.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Chico, CA prices down 1.4% month-over-month

In Chico, prices have fallen 13.4% year-over-year, with the average home now costing $175,300.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Stamford, CT prices down 1.4% month-over-month

Stamford home prices still remain high comparatively, at an average of $353,200.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Santa Barbara, CA prices down 1.5% month-over-month

Home prices in Santa Barbara have fallen 14% year-over-year.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Vallejo, CA prices down 1.5% month-over-month

The price of homes in Vallejo have fallen 16.4% over the past five years, annualized.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Napa, CA prices down 1.8% month-over-month

Prices in Napa have fallent 10.6%, year-over-year.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Ocala, FL prices down 1.9% month-over-month

Prices in Ocala have fallen a massive 19.9%, year-over-year.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Augusta, GA prices down 1.9% month-over-month

Price declines in Augusta have really picked up in the last year, down 13.4% year-over-year, but only 3.8% on a 5-year annualized basis.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Reno, NV prices down 1.9% month-over-month

Prices in Reno have fallen 16.4% year-over-year.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Poughkeepsie, NY prices down 1.9% month-over-month

Prices in Poughkeepsie are down sharply over the past quarter, 5.7%.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Prescott, AZ prices down 2.0% month-over-month

Prescott prices are down sharply year-over-year, 16.1%.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Manchester, NH prices down 2.0% month-over-month

Manchester prices are down a massive 16.5% year-over-year.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Gainesville, GA prices down 2.8% month-over-month

Prices in Gainesville have also been hammered year-over-year, down 16.5%.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Binghamton, NY prices down 3.4% month-over-month

Binghamton's home prices have been hit hard lately, down 11.1% year-over-year, but only 1.2% on a 5-year annualized basis.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

Ann Arbor, MI prices down 3.6% month-over-month

Ann Arbor prices are being hit right now, down 9.4% quarter-over-quarter, but only 8.9% over the past 5-years, annualized.

Note: Rankings based on the Zillow Home Value Index

Source: Zillow.com

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