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The US cities where home prices are falling the fastest
Fox Business • • business
Key Points:
- The U.S. housing market is cooling as summer ends, with many cities seeing price decreases to attract buyers amid high mortgage rates and affordability challenges.
- Realtor.com reports a 1.8% nationwide decline in price per square foot year over year for the 10th consecutive month, with median list prices falling in three of four major regions.
- Significant price drops occurred in Austin (-8.1%), Tampa (-5.6%), and Memphis (-4.1%), while Providence, Indianapolis, and Chicago saw price increases.
- San Francisco remains a competitive market despite a 3.9% decline in price per square foot, driven by limited inventory and a shift toward larger, less expensive homes in outer suburbs.
- Other metro areas with notable price declines include San Antonio, Denver, Baltimore, San Diego, Orlando, and Portland, reflecting a broader trend of pandemic-era boomtowns losing some gains.
