If you've been keeping an eye on the housing market, you've probably observed that prices have been climbing in many regions. Closer inspection of individual markets, however, may reveal that some locations are, in fact, having price decreases when compared to the same period last year. The median price of a single-family home in the United States rose by 4% in the fourth quarter of 2017 to $378,700, according to the National Association of Realtors. This rise was driven primarily by the Northeast, where prices rose by 5.3%, the South by 4.9%, the Midwest by 4%, and the West by 2.6%. However, these aggregate figures should not be taken at face value; in fact, house prices fell in 20 out of 186 cities analyzed by the NAR. This highlights the importance of keeping a watch on your local housing market to learn about its specific trends and conditions, even if the national housing market is robust. It may interest you to know that even in the most expensive areas of the nation, prices are falling by double digits. Several of the ten most expensive towns in the United States are found in the West, and five of those are in the Golden State of California. Some of the most dramatic falls in home value have been seen in these locations.
