Home prices are declining across many of America’s largest real estate markets, with Miami leading the downturn. Median listing prices dropped 12.4% from the previous year.

According to new data from Realtor.com’s September Housing Market Report, the shift toward more affordable housing is spanning “coast to coast,” with price declines hitting markets from San Francisco to Cincinnati.

The cooling trend is coming even as mortgage rates climb following their dip last month.

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Nationwide, the median home listing price fell to $425,000, marking a 1% decrease from two years ago. However, Realtor.com economist Joel Berner said there is some nuance in the data. “The median price per square foot grew by 2.3%, indicating that the inventory of smaller and more affordable homes continues to grow in share,” Berner said.

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Florida markets dominate the list of price declines, with four cities among the top ten that Realtor tracked. Miami tops the list with its 12.4% drop to $525,000, followed by Tampa (-5.5% to $414,948) Orlando (-5.6% to $429,950) and Jacksonville (-6.1% to $399,000).

Robert Washington, owner of St. Petersburg-based Savvy Buyers Realty, said Florida’s market correction results are due to post-pandemic factors. “Remote work trend certainly played a role, but I think many of the people that have come to Florida were more focused on the benefits of no state income tax as well as political ideologies,” he told Realtor.

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Beyond Florida, price drops are hitting major metropolitan areas across multiple regions. Cincinnati saw the second-largest decline at 9.5%, bringing its median listing price to $337,000. San Francisco followed with an 8.9% decrease to $997,500, while Kansas City’s prices fell 8.4% to $389,500.

Other once-hot markets seeing price drops include Austin (-6.6% to $520,000), Denver (-6% to $610,250) and Nashville (-5.4% to $547,865).

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The trend departs from June 2023’s record-high median price of $445,000. While it represents potential relief for buyers who have faced severe affordability challenges, some markets like Miami still maintain prices well above pre-pandemic levels, with median listings 50% higher than 2019 figures.

However, the widespread price moderation, affecting more than half of the nation’s 50 largest markets, signals a possible transition toward improved buyer conditions despite ongoing challenges with elevated mortgage rates.

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