United States: Home prices are starting to fall in these cities

Much of the “American Dream” includes a backyard house, or Backyard As it is more known. However, it is a complex task that needs to be done, especially at times inflation and ascending interest rates.

For those who are still aiming for a property, it is pertinent to know those cities where housing prices have fallen the most in recent months, while in the rest of the country they are increasing.

price for families It shows a decline as a result of the frequent hike in interest rates it implements feed it Several months ago, which halted the escalation in the housing market that recorded highs last summer in at least 10 cities in the country.

“In the long run, we need supply and demand to be more consistent so that home prices rise to a reasonable level, at a reasonable pace, so that people can buy homes again. Maybe we have to make a correction in actually the real estate market to get back to a scenario like this.” Jerome PowellChairman of the Federal Reserve.

And given the persistence of this phenomenon that has raised interest rates from 2.9 to 6.6% in less than a year, a situation that raises the monthly payments for any mortgage, the real estate market has chosen to cut rates to avoid a slowdown.

specialized site realtor.com They analyzed the prices and variances of 100 metropolitan areas since last June, and found those that had experienced the most significant price drops.

“There is ongoing evidence of this price adjustment. The share of priced homes has increased from 7.6% last June (2021) to 14.9% this year, but is still 3.2 percentage points lower than typical levels from 2017 to 2019,” the site stated. .

Primarily Austin, Texas, one of the cities favored by those who migrated from the North in search of quieter places in the South during the COVID-19 pandemic; There, the average price on listings reviewed by realtor.com in September was $558,275, down 10.3 percent from June.

At the same level is Reno, Nevada, followed by Phoenix, Arizona, where the median price was $493,500 in September, 9.9 percent lower than in June, despite a 4.4 percent increase from the same period last year.

Palm Bay, Florida, where the average price was $379,995, that’s 8.9 percent lower than it was in June, despite a 5.8 percent increase from 2021.

Charleston, South Carolina, averaged $500,000, down 8.6 percent from last summer but 10 percent up from last year.

The median home price in Ogden, Utah, is $532,500, which is 8.6 percent lower than in June and 7.7 percent higher than the same period in 2021.

Denver, Colorado, where the average price was found 625,000, is 8 percent lower than last June and just 4.2 percent more than last year.

In Las Vegas, Nevada, where the median home price is $460,000, the decline is 7.9 percent and a 7 percent increase from 2021.

In Stockton, California, the median price was $581,725 ​​in September, down 7.7 percent from June but up 7.3 percent from a year ago.

In Durham, North Carolina, the average price was $460,000 in September, down 7.5 percent from June, but only 2.2 percent higher than in 2021.

The median home price in Spokane, Washington is 449,900, which is 7.4 percent lower than last summer and 5.6 percent higher than the previous year.

Prices could continue to change as the Fed expects to continue raising interest rates for the rest of the year.