The biggest drops came in wealthy areas around San Francisco and New York City, where many employees in well-paid industries like tech and finance shifted to working remotely during the pandemic.

Some of those markets have started to rebound as offices fill up again. Still, in New York’s Financial District, prices are down more than half a million dollars from a peak above $1.4 million in May 2016. The Lower East Side has seen a decline of one-fifth over the past year.

Many areas favored for second homes saw jumps of more than 25% in the past year, pushing the average price in neighborhoods like Springs, East Hampton and Little Tuscany, Palm Springs above the $1 million threshold in April for the first time.

And away from the coasts, there were plenty of million-dollar neighborhoods posting big gains—including three in Boise, Idaho. Prices in that city’s costliest district, called Boise Heights, have soared 58% in three…

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