"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."
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.
Read at SFGATE
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