Home Prices Suffer Sharpest Drop in 9 Years: Map Shows Worst-Hit Cities
Summary
U.S. home asking prices are falling at their fastest rate in nearly nine years, with the median listing price dropping for seven months in a row. High mortgage rates, limited affordability, and geopolitical issues like the Iran war are reducing buyer demand and causing sellers to lower prices across many cities.Key Facts
- The national median listing price fell 2.4% year-over-year to $429,500 in May, the steepest drop since 2017.
- Median price per square foot dropped 2.5% and declined in 35 of the 50 largest U.S. metro areas.
- Memphis saw the largest price drop at 13%, followed by Buffalo (-11.6%), Austin (-9.5%), and Los Angeles (-7.9%).
- Price declines reflect both slowing markets and lower buyer demand due to affordability and uncertainty.
- High mortgage rates and inflation contribute to buyers pulling back or being more cautious.
- Experts do not expect a housing market crash this year but foresee a slow, sluggish market.
- Challenges include affordability, homeowners postponing selling, and slower new home construction.
- Market slowdowns vary by region, influenced by factors like pandemic-era boom effects and local economic conditions.
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