AI Generated Image
Home prices dropping fastest in major US cities
New York Post • • business
Key Points:
- The US housing market is cooling, with price drops hitting some metropolitan areas harder, especially those that experienced pandemic-era growth booms like Austin, Tampa, and Memphis, where price per square foot declined significantly in August.
- Nationwide, the price per square foot decreased for the 10th consecutive month, down 1.8% year over year, with median listing prices falling in three of four regions, while the Midwest remained flat.
- San Francisco presents an outlier with a 3.9% price-per-square-foot decline amid a tightening market and a 16.3% drop in active listings, influenced by tech industry layoffs and AI-driven restructuring impacting buyer confidence.
- The shift in inventory composition in San Francisco shows fewer small, expensive homes and more large, less costly homes in the suburbs, reflecting changing buyer preferences and affordability challenges.
- Increased housing inventory nationally is forcing sellers to adopt more realistic pricing, offering opportunities for buyers, though future market trends will depend on local economic conditions and mortgage rate developments in the coming months.
