Source: Yahoo! Money —
Today’s housing market couldn’t be more different from the sizzling market of 2020 and 2021. Instead of flying off the market as soon as they’re listed, a growing number of today’s houses are languishing — and to the dismay of homeowners, their values are declining.
Although much of the nation has experienced a drop in home prices, some areas of the country have been hit harder than others.
According to the S&P; CoreLogic Case-Shiller Index — which measures real estate prices in the U.S. — these 10 cities experienced the most dramatic home price drops between July and August 2022.
Purchasing a home in one of these cities may soon become less expensive, eliminating a source of financial stress for buyers who have been priced out of the market to this point.
1. Las Vegas, Nevada
Price decline from July to August: -1.3%
For the most part, cities in the West are experiencing the biggest drop in housing prices compared to the rest of the country. Las Vegas is no exception.
In spite of the recent slide in prices, Vegas homes are far from affordable — a 1.3% decline is just a drop in the bucket after prices boomed during the pandemic. Time will tell if steeper declines are on the way.
2. Washington, D.C.
Price change from July to August: -1.5%
During the pandemic, homeowners in the District of Columbia could expect their home to sell at asking price, if not higher: In August 2021, sellers got an average of 101% of their original asking price, often after a bidding war.
By this August, things had changed. Washington, D.C., sellers were getting closer to 84% of asking prices, according to the RE/MAX National Housing Report.
3. Dallas, Texas
Price change from July to August: -1.9%
Dallas’s home prices are beginning to slide. Higher inventory accounts for some of that decline.
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