Map Shows the 10 US Cities With the Biggest Home Price Drops
The median listing price per square foot fell year-over-year in 36 of the 50 largest U.S. metros in August, Realtor.com said.
Ten US cities experienced the most significant declines in home prices year-over-year in August, according to Realtor.com® data. Austin, Texas, saw the steepest decrease at 8.1 percent, followed by Tampa, Florida (5.6 percent) and Memphis, Tennessee (4.1 percent). The top 10 metropolitan areas with the largest drops included San Francisco (-3.9 percent), San Antonio (-3.6 percent), Denver (-3.4 percent), Baltimore (-3.2 percent), San Diego (-2.7 percent), Orlando, Florida (-2.6 percent), and Portland, Oregon (-2.4 percent).
Median listing prices ranged from around $300,000 in Memphis to over $900,000 in San Francisco and San Diego. Jake Krimmel, senior economist at Realtor.com®, attributed the nationwide decline to markets cooling after unsustainable pandemic-era spikes. He noted that many of these markets, like Austin, Tampa, and San Antonio, were experiencing growth from the 2020–22 booms but were now shedding some of those pandemic-era gains.
Meanwhile, San Francisco's price drop revealed a shift in inventory composition, with fewer small, pricey homes available in the city center and more large, less expensive properties appearing in outer suburbs. The broader market adjustments were influenced by high mortgage rates and shifting supply dynamics, with prospective buyers facing affordability challenges due to elevated borrowing costs.
Mortgage rates averaged 6.71 percent for a 30-year fixed rate loan, complicating the housing landscape. Realtor.com® suggested that the housing market's trajectory through the fall would depend on mortgage rates, regional inventory levels, and buyer confidence amid evolving affordability conditions.
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