Listing prices are would-be-nice-to-get asking prices that sellers put on their wish-list but might not get. When sellers cut the price, the new price becomes the listing price. When sellers pull the home off the market because it didn’t sell, that price vanishes from the listing prices. When they put it back on the market at a lower price, that new price becomes the listing price. So listing prices show what sellers are struggling with. Those listing prices have been sinking in Florida, Texas, and California for the past few years. Transaction prices have also fallen or plunged in many markets in these states. But listing prices are now suddenly sinking in New York, where transaction prices had held up.

In Florida, the statewide median listing price in September has dropped by 13% from the peak for September in 2022, and by 3.5% year-over-year, to $409,950, the lowest since November 2021 (red in the chart).

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Actual transaction prices of single-family homes in many markets in Florida have dropped sharply from the peaks in 2022 or 2024, including in: Lee County (Cape Coral, Fort Myers) -18%, Sarasota County -17%, Collier County (Naples) -12%, St. Petersburg -10%, Tampa -6%, Jacksonville & Orlando -5%.

Transaction prices of condos in many markets in Florida have plunged from their peaks in prior years, including in Cape Coral -34%, St. Petersburg -30%, Fort Myers -27%, Sarasota County -24%, Tampa -22%, Jacksonville -21%, Orlando -18%, etc. – and in four of them, transaction prices have plunged below their 2006 Housing Bubble peaks.

In California, the median listing price in September has declined by 6% from the peak for September in 2024, and by 3.1% year-over-year, to $725,000, the lowest September since, and the same as, September 2022 (red in the chart).

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In Texas, the median listing price in September has declined by 9% from the September high in 2022, and by 2.5% year-over-year, to $355,765, the lowest September since 2021 (red in the chart).

On a square-foot basis, the median listing price has dropped by 4% from September 2022, and by 2.1% year-over-year, to $181 per square foot.

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In New York State, the median listing price suddenly plunged in recent months, and by 6.8% year-over-year, to $605,000, the lowest September since 2023, after having flatlined at record levels over the prior two years.

Home prices in the big markets in New York had risen at a modest pace in recent years, while prices in many markets in Florida, Texas, California, and many other states had been falling. New York State was one of the forces that propped up the national median price and other national price indices, and kept them rising in the 1% to 2% range year-over-year. The entire Chicago area was another big factor. Those are huge housing markets that move the needle.