Source: Forbes —
The housing market is rebalancing after the most competitive and frenetic period in recent memory. The cooling trend that is engulfing the market is expected to continue with more cities seeing home prices decline by this time next year as the shift to a buyer’s market persists, according to the Knock Buyer-Seller Market Index released today.
The index, which analyzes key housing market metrics to measure the degree to which the nation’s 100 largest markets favor home buyers or sellers, found home prices in 98 markets in September were below their peak price last spring. Providence, Rhode Island and Salisbury, Maryland were the only markets where home prices have remained at their peaks set earlier this year.
Home prices in 42 major housing markets are projected to fall further from their 2022 record highs by September 2023. Fifteen of those markets are in the South, including three of the 10 markets with the largest forecasted price drops. Fifteen are in the West — home to some of the most expensive markets in the nation. The remaining 12 markets forecasting prices below this summer’s peak are in the Midwest and Northeast, respectively. Bridgeport, Connecticut, is forecasted to see the largest price drop (-7.8%), while Springfield, Missouri, will lead the Midwest with a projected price decline of 3.9%.
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