Map Shows the 10 US Cities With the Biggest Home Price Drops
Summary
Home prices in many large US cities are falling after big increases during the COVID-19 pandemic. Data from Realtor.com shows that prices per square foot dropped in 36 out of 50 major metro areas in August, with Austin leading the declines.Key Facts
- Home prices per square foot fell in 36 of the 50 largest US metro areas in August.
- This marks the 10th month in a row that prices have dropped nationwide.
- Austin, Texas had the largest price drop of 8.1% compared to last year.
- Other cities with big declines include Tampa (5.6%), Memphis (4.1%), and San Francisco (3.9%).
- High mortgage rates, currently around 6.71% for a 30-year fixed loan, are making homes less affordable.
- Some cities like Providence, Indianapolis, and Chicago saw price increases despite the overall trend.
- The housing market depends on future mortgage rates, housing supply, and buyer willingness.
- President Donald Trump has called for lower interest rates, but they remain high.
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