Home prices are falling fastest in these 10 U.S. cities
CBSN
Home prices in various parts of the U.S. are tumbling as mortgage rates shoot up to their highest level in years. The drop has been especially steep in once red-hot markets like Austin, Texas.
Residential real estate prices in the city, long known for its swinging music scene, progressive politics and flourishing tech sector, have fallen more than 10% since June, according to Realtor.com. Demand for homes surged during the coronavirus pandemic as many Americans fled large cities in favor of smaller metros, while a shortage of inventory drove prices even higher. But the number of available properties is growing in Austin, where the median price for a home as of September was $558,275.
Other Sunbelt cities are also seeing a sharp decrease in housing costs. In Phoenix, home prices have fallen nearly 10% since June, with the median listing at $493,500, according to Realtor.com. Other cities with significant drops over the last few months:
