Home prices are dropping in one-third of U.S. cities. Here's where.

MoneyWatch Home prices dropped in one-third of big U.S. cities in early 2026. Here's where. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Aimee Picchi Aimee Picchi Associate Managing Editor, MoneyWatch Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports. Read Full Bio Aimee Picchi May 1, 2026 / 8:13 AM EDT / CBS News Add CBS News on Google The real estate market is going through a reset in some parts of the U.S., with median sale prices in about one-third of major cities falling this year. Median sale prices dipped in the first three months of 2026 in 39 out of the largest 129 cities across the U.S., with many located in Florida, California and Southwestern states, according to a report from real estate data company ATTOM. The biggest decline was in Florida's Cape Coral-Fort Myers region, where the median home sale price declined 9% to $341,250 in the first quarter compared with the year-ago period. Many cities now experiencing price declines also saw big run-ups in home valuations during the pandemic, such as Austin, Texas. Other metro areas are struggling because of pressures from rising homeowners' insurance and property taxes, according to Jake Krimmel, senior economist at Realtor.com. "If we want to just focus on the ones that are struggling and declining, it's going to be, for the most part, metros in the south and the west, and Florida has been one in particular," Krimmel told CBS News. "It involves more of a pandemic boom, and — I would almost hesitate to say bust — but maybe a come-down or back to reality."Bryce Ocepek, a broker who runs a Coldwell Banker franchise affiliate in northeast Florida, said homes in some pockets of the state are being snatched up quickly when priced correctly. But...