Major U.S. cities are seeing sharp declines in real estate prices.

The red and white "House for Sale, Reduced Price" sign stands in front of a stone, wooden house that is for sale. Green grass and shrubs indicate a spring or summer season. A porch and windows are visible in the background. Real estate signs installed in the residential neighborhood indicate addresses. Moving and relocating house concepts.

General trends in the real estate market in the U.S.

don't always inform expectant buyers and current real estate sellers about the state of their markets. Some locales offer the advantage - or disadvantage - of differing from national trends. For example, while some places have seen home prices rise by at least 20 percent over the past year, in other parts of the U.S. they have significantly''ve declined after reaching pandemic highs.

To help expectant homebuyers and current home sellers assess the local real estate market, SmartAsset analyzed typical home values in 263 cities where the real estate market is cooling, ranking them by the magnitude of the decline in value.

Main findings:

• Home prices declined in nearly all of Washington state and Oregon. In the cities of Kirkland, Bellevue, Redmond and Sammamish, prices fell 11-12%. In Seattle, prices fell 8%. Home prices also declined in Oregon, including the cities of Bend, Portland, Beaverton, Hillsboro, Eugene, Gresham, Seillem and Medford.
• Home prices in some Texas cities fell 9.77 percent. In Leander,''Pflugerville and Cedar Park saw declines of more than 9%. In Austin, home prices fell 8.12%, while other cities, including Fort Worth and Dallas, experienced smaller declines.
• Home prices in San Francisco fell 15%. Two other California cities, Palo Alto and Dublin, experienced similar price declines. Dublin and San Francisco homes are currently priced around $1.27 million, while Palo Alto has a median home price of $3.16 million.
• Home prices in the Phoenix area are down 4.78% over the past year.