Yahoo Finance Home prices are falling the fastest in these 10 US cities
Median home prices fell 1.3% year-over-year in August, Realtor.com said.
For-sale inventory hit the highest level since May 2020, helping push prices lower.
Here are the 10 metro areas that saw the biggest year-over-year price declines in August.
While the US is finally escaping the summer heat, the past few months were anything but hot for the housing market.
Housing activity cooled notably through the season, and August marked the slowest one in five years, Realtor.com said.
The month notched the largest number of homes for sale since May 2020, with properties averaging 53 days on the market.
Realtor.com's August Housing Report said that these conditions have helped home prices slip lower across the country. Homeowners are trimming prices to revive buyer interest, which has dropped off amid record price highs and elevated mortgage rates.
The median home price fell 1.3% year-over-year, hitting $429,990.
"This August, as the number of homes on the market continues to climb, price cuts are more common, asking prices are moderating, and homes are taking longer to sell," Danielle Hale, Realtor.com's chief economist, said in the report.
"Falling mortgage rates are likely to bring out additional home shoppers and a busier fall season than usual, but the boost in activity is unlikely to overwhelm the usual seasonal slowdown," she said.
10 US metro areas where prices are falling the fastest
Inventories continue to rise across all four US regions, but the South and West saw the greatest recovery in supply, Realtor.com said.
In August, active listings increased by 46% in the South, 35.7% in the West, 23.8% in the Midwest, and 15.1% in the Northeast.
Tampa, San Diego, and Orlando notched the biggest inventory growth, which rose 90.1%, 80.4%, and 76.9%, respectively.
That's partially in line with previous reports from Redfin. The firm noted that inventory is overflowing in Florida, which is why the Sunshine State has been leading US price declines.
Here are the 10 metros within the top 50 US markets with the largest year-over-year drop in the median listing price.
Nashville
Median listing price: $550,000
Year-over-year change: -5.7%
Source: Realtor.com
Denver
Median listing price: $620,000
Year-over-year change: -6.1%
Source: Realtor.com
Tampa, Florida
Median listing price: $415,000
Year-over-year change: -6.2%
Source: Realtor.com
Cincinnati
Median listing price: $349,900
Year-over-year change: -6.7%
Source: Realtor.com
Oklahoma City
Median listing price: $315,000
Year-over-year change: -7.3%
Source: Realtor.com
Austin
Median listing price: $525,000
Year-over-year change: -7.6%
Source: Realtor.com
San Francisco
Median listing price: $969,000
Year-over-year change: -7.7%
Source: Realtor.com
Kansas City, Missouri
Median listing price: $398,500
Year-over-year change: -8.5%
Source: Realtor.com
San Diego
Median listing price: $999,000
Year-over-year change: -9.1%
Source: Realtor.com
Miami
Median listing price: $530,000
Year-over-year change: -11.7%
Source: Realtor.com
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