6 Big Markets Where Home Prices Might Still Be Rising, 6 Where Growth Stalled the Most

An acceleration in home prices across America has turned into a deceleration as interest rates, inflation, and affordability put the bite on buyers and sellers alike. Such movement is uneven, of course.

Black Knight (NYSE:BKI) has some of the latest data, and the big mortgage technology and data provider says national median home prices fell 0.77% from June to July, the first monthly decline in almost three years.

The Federal Reserve pegs the national median home sale price in July at $440,300. But all real estate is local, of course, and prices still ticked upward from June to July in six of our 50 largest metros. Following is a look at each, followed by the six where home price growth went furthest in reverse.

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Black Knight says home prices in Miami rose 0.45% from June to July. Year over year (YOY), the city's home prices have appreciated by 27.9%, and the number cruncher's current home price index puts the typical price for a Miami home at $514,872.

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Buffalo saw a month-over-month home price appreciation of 0.41% in July, putting its current home price index at $303,404, making this snowy lakefront city one of our more affordable major markets. Black Knight says Buffalo's prices are still up 14.5% for the year.

The massive New York-New Jersey metro saw a home price appreciation rate of 0.30% from June to July. Black Knight's current home price index of $668,277 also makes it one of the pricier overall. YOY, prices in the New York-Newark market rose 12.3%.

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Prices continued rising this summer in the biggest market in our smallest state. According to Black Knight, Rhode Island's capital city saw a 0.29% increase in home price appreciation rate in July. The current index price in Providence is $472,467, up 14.3% from last July.

The only Midwest market on the list, Indianapolis, saw home prices rise 0.21% in July. That puts the current home price index at $314,720 -- 15.9% over the index price last July, says Black Knight.

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Hartford is another state capital that saw prices rise from June to July -- in this case, by a minuscule 0.01% -- to a current home price index of $331,415, according to Black Knight. That still contributed to an 11.6% increase from last July.

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Home prices can rise and fall quickly in Silicon Valley. San Jose saw a 3.99% decrease in July, according to Black Knight's home price appreciation data. They're now only up 5.2% YOY, too. But cheap digs are still not the norm here. San Jose's home price index value is still $1.4 million.

Black Knight says the Pacific Northwest's biggest market saw a large 3.46% drop in home price appreciation. The mortgage technology and data provider says its home price index is still up 9.4% YOY for Seattle, where the index price for a single home is $768,122.

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The home price index in San Francisco depreciated by 3.36% from June to July, pushing the typical price by that measure to $1,175,860. For those seeking to buy their home spot in this market by the bay, that's still 4% above last year at this time.

We now move all the way down the California coast to the big, popular San Diego market, where the month-over-month price change for the average house fell 2.78% to $942,211. That's still 13.2% over San Diego's home price appreciation level last year at this time.

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Colorado's Rocky Mountain high sales prices fell a bit in July, dipping 2.6% in a month and putting Black Knight's home price index value for this market at $622,468. That's also still an 11% gain over last year at this time.

America's second-largest city makes it four out of six for California on this list. According to Black Knight, the Los Angeles market saw a decline of 2.39% in prices from June to July. While the city's home price index has dipped below the million-dollar mark to $976,640, prices here have still appreciated 10% YOY.

Affordability has been a fast-growing issue as home prices have grown at a record pace over the past couple of years. With interest rates now approaching historical norms, buyers priced out of the market, including investors, may find more opportunities ahead.

Marc Rapport has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.