So
far,
the
price
drops
are
minor.
Oregon
has
the
biggest
decline
at
0.9%,
followed
by
Georgia
(0.8%),
Montana
(0.2%),
South
Carolina
(0.3%)
and

Texas
(0.1%).
Prices
in
three
other
states
—

Florida
(0.2%),
South
Dakota
(0.3%)
and
Louisiana
(0.4%)
—
have
grown,
not
fallen,
but
by
less
than
1%.

The
cooling
in

Texas
and

Florida
is
notable
because
they
were
among
the
top
destinations
during
the
wave
of
migration
set
off
by
the
COVID-19
pandemic,
particularly
the
Austin
and
Miami
metropolitan
areas.

The
median
sale
price
of
pending
home
sales
for
a
single-family
home
in
Texas
has
been
trending
downward
since
November,
when
prices
were
rising
at
a
2.6%
clip.
Prices
have
fallen
three
weeks
in
a
row.

It’s
a
similar
story
in
Florida
but
even
more
pronounced.
Through
December
and
mid-January,
home
prices
consistently
rose
by
2.4%,
but
fell
to
0%
in
just
a
month’s
span.

It’s
no
secret
what’s
driving
the
trend.

Inventory
is
jumping
all
over
the
country,
including
Texas
and
Florida,
where
single-family
homes
for
sale
are
up
year
over
year
by
30.4%
and
38.4%,
respectively.
Only
one
state’s
inventory
is
down
on
an
annual
basis
—
North
Dakota
with
an
11.7%
drop.

Some
states
are
experiencing
an
even
higher
growth
rate
in
inventory,
which
will
put
downward
pressure
on
home
prices.
Those
include
California
(49.5%),
Maine
(43%),
Arizona
(42.6%),
and
Tennessee
(38.7%).

Despite
the
rise
in
inventory,
home
sales
have
not
yet
shown
meaningful
increases.
Total
sales
contracts
pending
are
currently
down
3.5%
compared
to
2024,
and
for
most
of
the
year
they’ve
lagged
behind
last
year’s
pace.