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Home Prices Fall in 13 States: Redfin Data (April 2026)

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  Published in House and Home on Friday, April 10th 2026 at 13:37 GMT by MarketWatch
      Locale: UNITED STATES

The States Experiencing Price Drops (as of April 10th, 2026)

Data compiled by Redfin indicates the following states have seen home prices fall year-over-year:

• Alabama (-2.2%)
• Alaska (-3.2%)
• Colorado (-2.5%)
• Idaho (-6.5%)
• Illinois (-2.9%)
• Indiana (-2.6%)
• Kansas (-3.3%)
• Maine (-3.7%)
• Michigan (-3.1%)
• Nevada (-5.3%)
• Oklahoma (-3.8%)
• Oregon (-3.9%)
• Utah (-4.3%)

It's important to note that these are statewide averages. Within each state, specific cities and neighborhoods may be performing differently. For example, Boise, Idaho, which experienced explosive growth during the pandemic, is seeing some of the most significant price corrections, while smaller towns within the state may be holding steady. Similarly, in Colorado, the mountain resort areas continue to command premium prices, while the Denver metro area experiences more moderate adjustments.

Deciphering the Decline: Key Driving Forces

Several interwoven factors are contributing to this cooling trend:

• Mortgage Rate Impact: The sustained rise in mortgage rates throughout 2025 and into 2026 has dramatically increased the cost of homeownership. The average 30-year fixed rate currently hovers around 7.8%, significantly higher than the sub-3% rates seen during the peak of the pandemic. This increased borrowing cost has priced many potential buyers out of the market.
• Inventory Increase: After years of historically low inventory, the number of homes for sale is slowly but steadily increasing. This is due to a combination of factors, including new construction finally coming online, fewer investors purchasing properties, and some homeowners choosing to list their homes after delaying for the past couple of years. More supply naturally leads to less competition and downward pressure on prices.
• Affordability Crisis: The combination of high prices and high mortgage rates has created a severe affordability crisis. Many potential buyers, particularly first-time homebuyers, simply cannot afford to enter the market. This waning demand is further exacerbating the price declines.
• Economic Uncertainty: Lingering concerns about inflation and potential economic slowdowns are also influencing buyer behavior. Some potential homebuyers are opting to remain on the sidelines, waiting for more certainty before making a large financial commitment.

Navigating the Market: Advice for Homebuyers in 2026

• Embrace Negotiation: The days of automatic bidding wars are largely over in many of these declining markets. Buyers now have the power to negotiate prices, request repairs, and ask for concessions from sellers.
• Consider a Wait-and-See Approach (with Caution): While further price declines are possible, attempting to "time the market" is risky. If you find a home you love and can comfortably afford, don't hesitate to make an offer. Mortgage rates are still a major factor, and waiting for a significant drop isn't guaranteed.
• Hyperlocal Research is Crucial: Don't rely on statewide averages. Focus on specific neighborhoods and towns, analyzing recent sales data and understanding local market dynamics.
• Explore Adjustable-Rate Mortgages (ARMs): While risky for some, ARMs may offer lower initial interest rates, making homeownership more accessible. However, carefully consider the potential for future rate increases.

Strategies for Sellers in a Cooling Market

• Realistic Pricing is Paramount: Overpricing your home is a surefire way to scare away potential buyers. Consult with a local real estate agent to determine a competitive listing price based on recent comparable sales.
• Prepare for a Longer Sales Cycle: Homes are no longer selling in a matter of days. Be patient and allow ample time for potential buyers to view the property.
• Consider Offering Incentives: Sweeten the deal by offering to cover closing costs, provide a home warranty, or make necessary repairs before listing.
• Staging and Curb Appeal: Make a strong first impression by staging your home effectively and enhancing its curb appeal. A well-presented home is more likely to attract buyers and command a better price.

Looking Ahead The housing market correction in these 13 states signals a broader cooling trend. While a nationwide crash is unlikely, the era of rapid price appreciation is over. A more balanced market is emerging, offering opportunities for buyers and challenges for sellers. Staying informed, conducting thorough research, and adapting to the changing conditions will be key to success in the spring of 2026.