The national housing market is shifting towards buyers as home prices fall in 33 of the top 50 metropolitan areas. This trend reflects a widening decline, moving from 32 markets in June to 29 a year ago. Regional variations exist, with the Northeast and Midwest remaining competitive due to fewer listings, while the West and South are more accommodating to buyers. Austin, TX has seen a notable 4.9% drop in its median list price, influenced by decreased buyer demand amidst high mortgage and insurance rates.
The national market is gradually tilting in favor of buyers with home prices dropping in a staggering 33 of the 50 biggest metros.
Economists at Realtor.com have found that the number of housing markets that have experienced a decline has ticked up from 32 in June and from 29 a year ago.
Austin, TX, earned the distinction of experiencing the steepest decrease in its median list price, which plunged 4.9% year over year.
Mortgage rates are hovering around 7%, taxes are high, insurance rates are high. Bottom line: What a buyer would be paying today for their monthly mortgage payment is considerably higher than what they would have paid a couple of years ago.
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