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US Home Prices Plummet: 26 Major Cities See Declines
8 Jan
Summary
- 26 of 50 largest US metros now have lower home prices than last year.
- US median listing price fell below $400,000 for first time since March 2022.
- Austin prices plunged 7.3%, San Diego down 6.7%, while Grand Rapids rose 5.9%.
The US housing market is showing signs of significant anxiety, with home prices falling in 26 of the nation's 50 largest metropolitan areas. For the first time since March 2022, the median US listing price has dropped below the $400,000 mark. This national average, however, masks sharper declines in many regions.
Austin, Texas, has experienced the most significant price drop, with a 7.3% decrease over the past year. San Diego, California, and nearby San Jose have also seen substantial falls. Conversely, markets in the Midwest and Northeast, such as Grand Rapids, Michigan, are experiencing price growth due to limited housing supply.
This cooling market signifies a shift from a seller's to a buyer's market in most areas, potentially impacting consumer confidence and household spending. A prolonged decline could also lead to increased caution from banks and negatively affect the job market.
