Home News 10 US Cities Where Home Prices Are Actually Falling – 24/7 Wall St.

10 US Cities Where Home Prices Are Actually Falling – 24/7 Wall St.

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Economic signs show a chill in the country’s housing market. Twenty-eight real estate analysts surveyed by Reuters in May predicted that US home prices would rise 10.3% this year, based on the Case / Shiller Index. That estimate may sound promising, but it’s well off the current pace of about 20%. This means that prices in some markets will definitely fall.

Housing demand continues to slow as buyers have to consider both rising home prices and rising mortgage rates, according to April data from Realtor.com. According to Bankrate, the average 30-year mortgage rate for the last week of May was 5.27%, more than double the 2.5% rate at the end of 2021. -A record high of $ 425,000, up 14% from last year.

Data from Realtor.com also show that the number of lists for sale is decreasing and new lists are increasing. Inventories are expected to increase over the next few weeks compared to last year.

While the nationwide housing market appears to remain strong, this situation in favor of buyers is beginning to take hold in some markets where housing prices are squeezed. (vice versa, These are the metros where home prices have skyrocketed this year.).

24/7 Wall St. Review Realtor.com Report to Find US Cities with Falling Home Prices House prices have begun to fall: here are the cities where they are most down.. Realtor.com looked at year-over-year changes in median list prices for up to 100 metros in March and limited the list to one metro per state due to geographic diversity. Cities are ranked from the smallest to the largest decline in the median listing price.

Although the median list price has fallen in these cities, some of the metros listed here have a national trend of fewer homes for sale and short homes remaining on the market. It reflects. In these cases, the reason for the lower median list price is often smaller housing units on the market.

Almost all of these housing markets enjoyed a solid two-year period of price spikes, but the median regular prices for almost every city on the list are the national regular prices at Realtor.com in April. It is well below the median of. In many of these cities, some sellers are trying to sell their homes at high prices. In these markets, listings are higher and homes stay in the market longer. (these are State with the worst foreclosure rate this year.. )

Click here to see 10 US cities where home prices are actually falling

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