Home Prices Falling in 36 of the 50 Largest U.S. Metro Areas – Fastest Declines Revealed

Home Prices Falling Across Major U.S. Metros

Realtor.com’s latest data show home prices falling in 36 of the nation’s 50 biggest metropolitan areas as the market cools into autumn. The annual drop in price per square foot hit ↓ 1.8% nationwide in August, marking the tenth consecutive month of decline.

Regional split reveals uneven correction

Three of four U.S. regions recorded lower median list prices year‑over‑year; the Midwest held steady while the Northeast, South and West slipped. Austin, Tampa and Memphis led the slide, with per‑square‑foot values down ↓ 8.1%, 5.6% and 4.1% respectively.

“Boom‑towns that surged in 2020‑22 are now giving back a portion of those gains,” noted Realtor.com senior economist Jake Krimmel.

Even ultra‑expensive San Francisco saw a 3.9% dip, yet its median list price remains near $908,700, a figure still double that of many markets. San Diego and Portland posted declines of 2.7% and 2.4% while holding median prices of $899,000 and $595,000.

Supply is edging toward pre‑pandemic levels, prompting sellers to temper expectations. Analysts advise pricing homes realistically rather than chasing inflated targets.

For broader context on the pandemic-driven surge, see our earlier coverage. Further insights can be found at Reuters and Bloomberg.

Correction: An earlier dispatch misstated the August decline figure for Portland.