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With high mortgage rates, rising home prices and low demand, owning a home remains out of reach for many potential buyers. But last quarter, sales prices in some southern cities fell as buyers pulled out and supply finally caught up with demand.

According to the National Association of Realtors (NAR), 93% of metropolitan markets saw home price increases in the first quarter of 2024. The national median sales price for single-family homes increased 5% year over year to $389,400. However, 15 of those markets also saw declines, and nine of those were in the South. It’s surprising to see cities in Florida and Texas on the list, as those areas were previously considered some of the most sought-after real estate markets.

Business Insider noted that buyers in these regions may be being priced out of the market. In some areas, supply has caught up with demand, causing homes to stay on the market longer, lowering prices and slowing price growth.

For example, Redfin found that Cape Coral, Florida, saw a 51% increase in homes for sale last quarter, Insider reported. It also saw one of the highest seller discount rates and the time it takes to sell a typical home increased by 31 days.

Business Insider has listed cities across the U.S. where housing prices have dropped, according to data from the NAR. Here are nine cities in the South where prices have dropped.

Check out: Real Estate Market 2024: Real Estate Prices Fall in 10 Formerly Overpriced Real Estate Markets

Read more: Become a real estate investor for just $1,000 with this Bezos-backed startup

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SeanPavonePhoto / Getty Images/iStockphoto

1. San Antonio, Texas

  • Price change compared to the previous year: -4.6%

  • Median home price in Q1 2024: $305,800

  • Median home price in Q1 2023: 320,500 USD

  • Required annual income with a 20% down payment: 77,516 USD

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TriggerPhoto / Getty Images/iStockphoto

2. Cape Coral, Florida

  • Price change compared to the previous year: -4.4%

  • Median home price in Q1 2024: 415,000 US dollars

  • Median home price in Q1 2023: 434,000 US dollars

  • Required annual income with a 20% down payment: 105,197 USD

Try this: The 20 best cities to buy a house for under $100,000

©iStock.com©iStock.com

©iStock.com

3. Panama City, Florida

  • Price change compared to the previous year: -3.8%

  • Median home price in Q1 2024: 351,000 US dollars

  • Median home price in Q1 2023: 365,000 US dollars

  • Required annual income with a 20% down payment: $88,974

zrfphoto / Getty Images/iStockphotozrfphoto / Getty Images/iStockphoto

zrfphoto / Getty Images/iStockphoto

4. Baton Rouge, Louisiana

  • Price change compared to the previous year: -1.1%

  • Median home price in Q1 2024: 260,000 US dollars

  • Median home price in Q1 2023: $262,900

  • Required annual income with a 20% down payment: 65,907 USD

SeanPavonePhoto / Getty ImagesSeanPavonePhoto / Getty Images

SeanPavonePhoto / Getty Images

5. Shreveport, Louisiana

  • Price change compared to the previous year: -0.9%

  • Median home price in Q1 2024: $213,600

  • Median home price in Q1 2023: $215,600

  • Required annual income with a 20% down payment: 54,145 USD

Trending now: The 50 safest and cheapest US cities to live in

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Chansak Joe / Getty Images

6. Myrtle Beach, South Carolina

  • Price change compared to the previous year: -0.6%

  • Median home price in Q1 2024: 366,100 USD

  • Median home price in Q1 2023: 368,400 USD

  • Required annual income with a 20% down payment: 92,802 USD

RoschetzkyIstockPhoto / Getty ImagesRoschetzkyIstockPhoto / Getty Images

RoschetzkyIstockPhoto / Getty Images

7. Austin, Texas

  • Price change compared to the previous year: -0.3%

  • Median home price in Q1 2024: 466,700 USD

  • Median home price in Q1 2023: 467,900 USD

  • Required annual income with a 20% down payment: 118,302 USD

BOB WESTON / Getty Images/iStockphotoBOB WESTON / Getty Images/iStockphoto

BOB WESTON / Getty Images/iStockphoto

8. Crestview, Florida

  • Price change compared to the previous year: -0.2%

  • Median home price in Q1 2024: 399,000 US dollars

  • Median home price in Q1 2023: 400,000 US dollars

  • Required annual income with a 20% down payment: 101,141 USD

Discover more: The 7 worst states to buy property in the next 5 years, according to real estate agents

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dlewis33 / Getty Images/iStockphoto

9. Little Rock, Arkansas

  • Price change compared to the previous year: -0.1%

  • Median home price in Q1 2024: $202,800

  • Median home price in Q1 2023: 203,000 US dollars

  • Required annual income with a 20% down payment: 51,407 USD

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This article originally appeared on GOBankingRates.com: 9 Southern Cities Where Real Estate Prices Are Falling Sharply