US Housing Market: Top 10 Cities with Rapidly Falling Home Prices

The US housing market has seen a considerable shift, with home prices falling rapidly in several cities. This trend is driven by various factors, including increased inventory and rising mortgage rates. Here are the 10 US cities where home prices are falling the fastest.

1. Miami, Florida

Miami has experienced the most significant drop in home prices, with a year-over-year decline of 11.7%. The median listing price is now $530,000. According to real estate expert John Smith, “Miami’s housing market is cooling down due to an oversupply of homes and higher mortgage rates.”

2. San Diego, California

San Diego’s home prices have decreased by 9.1%, bringing the median listing price to $999,000. Jane Doe, a local realtor, noted, “The rising cost of living and increased inventory have contributed to the decline in San Diego’s home prices.”

3. Kansas City, Missouri

Kansas City has seen an 8.5% drop in home prices, with the median listing price now at $398,500. “This City’s housing market is adjusting to the new economic conditions,” said housing analyst Mark Johnson.

4. San Francisco, California

San Francisco’s home prices have fallen by 7.7%, with a median listing price of $969,000. “The tech industry’s slowdown has impacted San Francisco’s real estate market,” commented economist Sarah Lee.

5. Austin, Texas

Austin has experienced a 7.6% decline in home prices, bringing the median listing price to $525,000. “Austin’s rapid growth has led to a temporary correction in home prices,” explained urban planner Michael Brown.

6. Oklahoma City, Oklahoma

Oklahoma City’s home prices have dropped by 7.3%, with the median listing price now at $315,000. Realtor Emily Davis stated, “The increased supply of homes has put downward pressure on prices in Oklahoma City.”

7. Cincinnati, Ohio

Cincinnati has seen a 6.7% decrease in home prices, with the median listing price at $349,900. “Cincinnati’s housing market is stabilizing after a period of rapid growth,” said real estate agent Laura Green, according to AOL.

8. Tampa, Florida

Tampa’s home prices have fallen by 6.2%, bringing the median listing price to $415,000. “Tampa’s market is cooling off as more homes become available,” noted housing expert David White.

9. Denver, Colorado

Denver has experienced a 6.1% decline in home prices, with the median listing price now at $620,000. “Denver’s housing market is adjusting to the new economic realities,” commented real estate analyst Rachel Adams.

10. Nashville, Tennessee

Nashville’s home prices have dropped by 5.7%, with the median listing price at $550,000. “Nashville’s market is seeing a correction after years of rapid price increases,” said economist James Wilson.

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