Home prices are falling fastest in these cities. See the list

Home sellers in many parts of the country are lowering asking prices as the housing market continues to cool heading into the fall.

A new Realtor.com analysis found prices declined most sharply in several metro areas that saw rapid growth during the COVID-19 pandemic. As more homes come onto the market and mortgage rates remain elevated, sellers are increasingly adjusting prices to attract buyers who have been squeezed by affordability challenges.

The report found the median listing price per square foot, which adjusts for differences in home size, fell 1.8% nationwide in August from a year earlier. It marked the 10th consecutive month of annual declines and suggests the market is continuing to normalize after years of unusually strong price growth.

Median list prices also declined across three of the nation's four regions, falling 3.6% in the Northeast, 2.6% in the South and 2.1% in the West. Prices were unchanged in the Midwest.

Realtor.com said higher mortgage rates and changing market conditions are prompting sellers to become more realistic about pricing.

The median listing price per square foot fell in 36 of the nation's 50 largest metro areas in August, with many of the biggest declines occurring in cities that…

Original source: https://www.usatoday.com/money/