Map Reveals Top 10 US Cities Where Home Prices Are Falling Fastest
Summary
U.S. home listing prices fell year over year in September, with Austin posting the largest decline among the 10 metro areas listed by Realtor.com. The article links falling prices to higher inventory and weaker buyer demand, while noting that affordability remains a barrier for many buyers.Key Facts
- Austin-Round Rock-San Marcos had the steepest decline: listing prices fell 9.8% to $446,450 from a year earlier.
- The national median listing price fell 1.4% year over year to $419,250, marking 11 consecutive months of declines.
- The other metro areas in the top 10 were Memphis, Tampa, San Diego, Los Angeles, Denver, Phoenix, St. Louis, Washington, and Providence.
- Memphis had the second-largest decline at 8.7%, followed by Tampa at 6.6%.
- Austin's median listing price remained below its July 2022 peak of $598,000.
- Austin active listings were up 1.4% year over year in September, and new listings were up 2.1%.
- The article attributes price declines to expanded housing supply, weaker demand, and affordability challenges.
- Despite price drops, median listing prices were $888,450 in San Diego and just over $1 million in Los Angeles.
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