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M R EP O RT | 7 MDWELL Source:: Redfin, "Home Prices Rose 7% in January, Housing Supply Fell 11%" https://www.redfin.com/blog/housing-market-news-january-2020/ California Dreamin' A recent poll looked at where home prices and inventory are rising and falling. The data found that those seeking affordability should look beyond the sunny beaches of California. R edfin reports that U.S. home-sale prices rose 6.7% annually in January, to a median price of $306,400. Prices were also up 0.7% from December 2019. The metro areas that experienced the largest jumps in price points during January included the most affordable enclaves. Specifically, out of the 20 metro areas that experienced the biggest year-over-year price spikes, 18 of these boasted home prices that fell below the na- tional average. Such metro areas included Memphis, Tennessee, where the average home price was $182,900, reflecting a spike of 17.1%, as well as Dayton, Ohio, which averaged a price of $132,000 that reflected a spike of 14.8%, and Rochester, New York, which saw an average home price of $148,500, reflecting a rise in price of 13.3%. However, with the boom in home prices across the nation also came a blow to the market, as low inventory in January began caus- ing buyers headaches. Redfin revealed the number of available homes for the month fell 11.4% year-over-year—the biggest decline since March 2013 and the sixth straight month of falling supply. With all these headwinds facing buyers, here are the 10 cities Redfin found to be the most expensive. 10 Most Expensive Cities in America Cities with population of more than 750,000* SAN FRANCISCO, CALIFORNIA MEDIAN-SALES PRICE $1.3 MILLION YEAR-OVER-YEAR CHANGE 5.50% SAN JOSE, CALIFORNIA MEDIAN-SALES PRICE $985,500 YEAR-OVER-YEAR CHANGE -4.30% ANAHEIM, CALIFORNIA MEDIAN-SALES PRICE $745,000 YEAR-OVER-YEAR CHANGE 8.20% OAKLAND, CALIFORNIA MEDIAN-SALES PRICE $685,000 YEAR-OVER-YEAR CHANGE 3.80% LOS ANGELES, CALIFORNIA MEDIAN-SALES PRICE $635,000 YEAR-OVER-YEAR CHANGE 7.60% OXNARD, CALIFORNIA MEDIAN-SALES PRICE $630,000 YEAR-OVER-YEAR CHANGE 8.60% SAN DIEGO, CALIFORNIA MEDIAN-SALES PRICE $600,000 YEAR-OVER-YEAR CHANGE 8.10% HONOLULU, HAWAII MEDIAN-SALES PRICE $595,700 YEAR-OVER-YEAR CHANGE 0.10% SEATTLE, WASHINGTON MEDIAN-SALES PRICE $550,000 YEAR-OVER-YEAR CHANGE 5.80% BOSTON, MASSACHUSETTS MEDIAN-SALES PRICE $505,000 YEAR-OVER-YEAR CHANGE 7.40%