According to an investigation by Realtor.com, although house prices have fallen in all cities in the United States, there are some cities where the difference has been more marked since June
For several weeks it has been reported that in different cities of the United States, house prices are falling, hand in hand with increases in interest rates on loans granted by financial institutions. According to research from Realtor.com, the drop has been seen much more abruptly in Austin, Texas, where prices have dropped by as much as 10%.
One reason this is happening is because the number of available properties is growing in Austin, where the median home price in September was $558,275.
It is not the only city where prices have fallen, according to the Realtor.com report. For example, in Phoenix, home prices have fallen nearly 10% since June. Other cities with significant casualties are:
-Palm Bay, Florida (8.9% less since June)
-Charleston, South Carolina (8.6%)
-Ogden, Utah (8.6%)
-Denver, Colorado (8%)
-Las Vegas, Nevada (7.9%)
-Stockton, Calif. (7.7%)
-Durham, North Carolina (7.5%)
-Spokane, Wash. (7.4%)
Although it is in these cities where the drop in prices has been most notable, the reality is that the prices of homes throughout the United States have been going down in terms of home sales. “Los Angeles, Sacramento, and San Francisco in California are also seeing declines, with each city posting a drop of 3.2% or more over the summer,” according to a Zillow report.
However, even with falling prices, home costs today are still higher than they were a year ago, Realtor.com reported. Regarding mortgage rates, they are currently at their highest point in the last 16 years, and today they are double what they were in January 2022. Currently, the average rate of a 30-year mortgage is of 6.6%.
“As interest rates continue to rise, we expect mortgage rates to rise as well, cooling demand for homes and thus potentially contributing less to inflation pressures in the year ahead,” Wells analysts said. Fargo Investment Institute in a report.
Meet Bradley Gibbons, a successful real estate agent and author based in the United States. With over 10 years of experience in the industry, Bradley has a deep understanding of the local market and a proven track record of helping her clients buy and sell properties. She is known for her ability to connect with her clients and her extensive knowledge of the latest real estate trends.
In addition to her successful career as a realtor, Bradley is also an accomplished author. She has written several books on real estate, including “The Insider’s Guide to Buying a Home” and “Selling Your Property: A Step-by-Step Guide.” Her books are praised for their practical advice and easy-to-understand language, making them valuable resources for both experienced and first-time home buyers and sellers.
Bradley is also a frequent speaker at industry events and a regular contributor to real estate publications. In her free time, she enjoys traveling and spending time with her family.