PHOTO: New housing construction is increasing Sydney’s housing supply. Picture: Toby Zerna Source: News Corp Australia

Sydney home prices are no longer falling as rapidly as they once were and property analysts say the market is starting to show green shoots that point to a coming rebound in values.

Sydney’s housing downturn has started to moderate and property prices are no longer falling as quickly as they once were.

New figures published today showed the citywide median home price dropped just 0.7 per cent over April, well below the 1.8 per cent drop recorded in December when the market slump was in full swing.

The April falls meant a typical Sydney home is nearly 11 per cent cheaper than it was at this time last year with a median price of $780,672, according to the CoreLogic research.