Austin Leads U.S. Home-Price Declines in September
Median listing prices also fell sharply in Memphis and Tampa, while national inventory moved closer to pre-pandemic levels.
Austin posted the steepest annual drop among the 50 largest U.S. metro housing markets in September. The Austin-Round Rock-San Marcos area’s median asking price fell 9.8% to $446,450. Memphis followed with an 8.7% decline to $299,950, and Tampa fell 6.6% to $385,398.
Prices also dropped in San Diego, Los Angeles, Denver, Phoenix, St. Louis, Washington, DC, and Providence. Louis and Washington had 16.3% and 16.2% more active listings than a year earlier, respectively, giving buyers more available homes. In Austin, active listings rose 1.4%, while new listings increased 2.1%. Memphis had 8.1% more active listings, though new listings fell 4.6%.
Across the country, the median listing price declined 1.4% year over year to $419,250, extending the streak of annual decreases to 11 months. Price reductions appeared on 20.8% of active listings, the highest September share since 2018. Inventory grew 5.4% to more than 1.16 million homes, while pending sales fell 4.1% from a year earlier.
Why it matters: Buyers in several major metros are seeing lower asking prices, more available homes, and more frequent price reductions.
- Realtor.com News