Map Reveals Top 10 US Cities Where Home Prices Are Falling Fastest
Austin led with the biggest year-over-year price drop last month, with median listing prices falling by nearly 10 percent.
A new map from real estate website Realtor.com highlights the ten U.S. cities where home prices are falling the fastest. Austin, Texas, reported the biggest year-over-year price drop in the nation, with the median listing price plunging 9.8% to $446,450 in September compared to a year earlier. This drop marks a significant buyer's market shift, as buyers now have the upper hand over sellers.
The decrease in prices can be attributed to a slowdown in domestic migration, higher costs, and an influx of new inventory on the market. Other cities on the list include Denver, Phoenix, San Diego, and Los Angeles, with many of them being Sun Belt and Mountain West regions. While falling prices are good news for buyers, sellers who purchased properties during the pandemic housing boom now face a much lower selling price.
High mortgage rates are also deterring buyers from making a move, leaving the market in a state of hibernation as buyers wait for the right time to enter.
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