Home prices experience significant drop in 2021.

US home prices in March experienced the largest annual decline since 2012, dropping by 3.3% to a median of $400,528, with pandemic boomtowns and the San Francisco Bay Area leading the price declines. The banking crisis in March spooked prospective homebuyers, who are already facing high mortgage rates and thin housing inventory. The fear of a housing crash is causing buyers and sellers to stay on the sidelines, with new listings dropping 23.3% YoY. However, Redfin notes that home prices are now coming back down to earth after previous steep increases in recent years.