US Metro Home Prices Fall for 10th Month as Austin Leads With 8.1% Drop
Updated
Updated · Fox Business · Sep 8
US Metro Home Prices Fall for 10th Month as Austin Leads With 8.1% Drop
3 articles · Updated · Fox Business · Sep 8
Summary
Realtor.com found price per square foot fell year over year in 36 of the 50 largest U.S. metros in August, extending a nationwide decline to a 10th straight month.
Austin posted the steepest drop at 8.1%, followed by Tampa at 5.6% and Memphis at 4.1%, as sellers cut prices to meet buyers facing high mortgage rates and affordability strains.
Inventory-rich pandemic boomtowns including Austin, Tampa, San Antonio and Denver are giving back more of their 2020-22 gains, Realtor.com economist Jake Krimmel said.
Regionally, median list prices fell 3.6% in the Northeast, 2.6% in the South and 2.1% in the West, while the Midwest was flat.
San Francisco stood out: price per square foot fell 3.9% even as active listings dropped 16.3% and the median listing price remained high at $908,700.