{"id":1046162,"date":"2026-09-06T03:31:30","date_gmt":"2026-09-06T03:31:30","guid":{"rendered":"https:\/\/www.europesays.com\/us\/1046162\/"},"modified":"2026-09-06T03:31:30","modified_gmt":"2026-09-06T03:31:30","slug":"home-prices-dropping-fastest-in-major-us-cities","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/1046162\/","title":{"rendered":"Home prices dropping fastest in major US cities"},"content":{"rendered":"<p>While the US\u00a0housing market cools\u00a0down and enters a seasonal\u00a0late-summer transition, <a href=\"https:\/\/www.realtor.com\/news\/trends\/home-prices-falling-cities-august-2026\/\" target=\"_blank\" rel=\"noopener nofollow\">price drops are hitting some metropolitan areas<\/a> much harder than others\u2014and it might not be where you think.<\/p>\n<p><a href=\"https:\/\/nypost.com\/2026\/08\/11\/business\/home-sales-slide-in-july-as-high-mortgage-rates-rising-prices-sideline-homebuyers\/\" rel=\"nofollow noopener\" target=\"_blank\">High\u00a0mortgage rates<\/a>\u00a0and shifting local supply-and-demand dynamics have driven down list prices across the country, though more slowly in August than in previous months.<\/p>\n<p>Sellers are trending toward more\u00a0realistic pricing,\u00a0and the market is seeing broader price corrections. Metro areas that saw explosive, COVID-19 pandemic-era growth are now experiencing some of the deepest cuts in the price per square foot.<\/p>\n<p>In August, the price per square foot\u2014a measure that controls for the size of homes on the market\u2014decreased year over year for the 10th straight month. <\/p>\n<p>Nationwide, <a href=\"https:\/\/nypost.com\/2026\/07\/22\/real-estate\/new-york-state-house-prices-reach-highest-ever-recorded-with-500k-average\/\" rel=\"nofollow noopener\" target=\"_blank\">housing prices<\/a> per square foot are down 1.8% year over year, and median list prices fell year over year in three of the four regions (-3.6% in the Northeast, -2.6% in the South, and -2.1% in the West), while prices remained flat in the Midwest.<\/p>\n<p><img loading=\"lazy\" style=\"aspect-ratio:1.49926794;display:block\" decoding=\"async\"   data-modal-image=\"40680704\" width=\"885\" height=\"590\" src=\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2026\/09\/old-houses-downtown-san-francisco-137908661.jpg\" alt=\"Old houses and businesses line a San Francisco street with the Transamerica Pyramid in the background.\" class=\"wp-image-40680704\"\/>Old houses in downtown San Francisco are pictured with a view of the Transamerica Pyramid on May 18, 2022, in San Francisco. travelview \u2013 stock.adobe.com<\/p>\n<p>At the metro level,\u00a0the median list price per square foot fell in 36 of the top 50 metros in August, another sign that it\u2019s \u201cgame over\u201d for unrealistic seller demands.<\/p>\n<p>The largest price-per-square-foot declines were in Austin, TX (-8.1%); Tampa, FL (-5.6%); and Memphis, TN (-4.1%). The largest gains were in Providence, RI (+9.3%); Indianapolis (+4.4%); and Chicago (+3.6%).<\/p>\n<p>Among the 50 biggest metro areas, these saw the biggest annual declines in listing price per square foot in August:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/Austin_TX\" rel=\"nofollow noopener\" target=\"_blank\">Austin-Round Rock-San Marcos, TX:<\/a>\u00a0<\/strong>-8.1%<br \/><strong>Median listing price<\/strong>: $450,000<\/li>\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/Tampa_FL\" rel=\"nofollow noopener\" target=\"_blank\">Tampa-St. Petersburg-Clearwater, FL:<\/a>\u00a0<\/strong>-5.6%<br \/><strong>Median listing price:<\/strong>\u00a0$391,950<\/li>\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/Memphis_TN\" rel=\"nofollow noopener\" target=\"_blank\">Memphis, TN-MS-AR<\/a>:<\/strong>\u00a0-4.1%<br \/><strong>Median listing price:<\/strong>\u00a0$299,995<\/li>\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/San_Francisco_CA\" rel=\"nofollow noopener\" target=\"_blank\">San Francisco-Oakland-Fremont, CA:<\/a><\/strong>\u00a0-3.9%<br \/><strong>Median listing price:<\/strong>\u00a0$908,700<\/li>\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/San_Antonio_TX\" rel=\"nofollow noopener\" target=\"_blank\">San Antonio-New Braunfels, TX<\/a>:<\/strong>\u00a0-3.6%<br \/><strong>Median listing price:<\/strong>\u00a0$324,450<\/li>\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/Denver_CO\" rel=\"nofollow noopener\" target=\"_blank\">Denver-Aurora-Centennial, CO<\/a>:<\/strong>\u00a0-3.40%<br \/><strong>Median listing price:<\/strong>\u00a0$574,913<\/li>\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/Baltimore_MD\" rel=\"nofollow noopener\" target=\"_blank\">Baltimore-Columbia-Towson, MD<\/a>:<\/strong>\u00a0-3.2%<br \/><strong>Median listing price:<\/strong>\u00a0$375,000<\/li>\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/San_Diego_CA\" rel=\"nofollow noopener\" target=\"_blank\">San Diego-Chula Vista-Carlsbad, CA<\/a>:<\/strong>\u00a0-2.7%<br \/><strong>Median listing price:<\/strong>\u00a0$899,000<\/li>\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/Orlando_FL\" rel=\"nofollow noopener\" target=\"_blank\">Orlando-Kissimmee-Sanford, FL:<\/a><\/strong>\u00a0-2.6%<br \/><strong>Median listing price:<\/strong>\u00a0$417,000<\/li>\n<li><strong><a href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/Portland_OR\" rel=\"nofollow noopener\" target=\"_blank\">Portland-Vancouver-Hillsboro, OR-WA:<\/a><\/strong>\u00a0-2.4%<br \/><strong>Median listing price:<\/strong>\u00a0$595,000<\/li>\n<\/ul>\n<p>Realtor.com\u00ae\u00a0senior economist\u00a0Jake Krimmel\u00a0says some of this market shift in these cities may be due to continual readjustment following the <a href=\"https:\/\/nypost.com\/2026\/08\/26\/us-news\/democratic-officials-charged-with-fraud-due-to-alleged-covid-relief-funds-scam\/\" rel=\"nofollow noopener\" target=\"_blank\">COVID-19 pandemic<\/a>.<\/p>\n<p>\u201cOne common thread for most markets\u2014including Austin, Tampa, San Antonio, Denver\u2014is 2020\u201322 boomtowns continuing to give back some of their pandemic-era gains. These are also, by and large, places with much more inventory now than pre-pandemic norms,\u201d he says.<\/p>\n<p>One outlier is San Francisco, where the market saw a 3.9% decrease in price-per-square-foot costs, despite its status as an ultracompetitive market. <\/p>\n<p>In July 2026,\u00a0active listings fell 16.3%\u00a0from the previous year, tightening up the housing market even further. And while the median listing price in the market remains high\u2014$908,700\u2014it has decreased by 5.2% year over year.<\/p>\n<p><img loading=\"lazy\" style=\"aspect-ratio:1.77777778;display:block\" decoding=\"async\"   data-modal-image=\"40680744\" width=\"1024\" height=\"576\" src=\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2026\/09\/136757545.jpg\" alt=\"Aerial view of the Austin, Texas skyline on a sunny day.\" class=\"wp-image-40680744\"\/>Austin had one of the largest price-per-square-foot declines. madison500 \u2013 stock.adobe.com<\/p>\n<p>Veronica Peter\u00a0is a real estate agent with Compass serving the Fremont area, which is on the southeastern edge of San Francisco and close to Silicon Valley, where most of her clients work.\u00a0She says the market is being affected by the shifts in the tech industry. Many of her clients are quietly reeling as AI transforms their industry.<\/p>\n<p>\u201cA huge portion of our workforce in Fremont holds tech-related jobs such as software engineers, data analysts, and web developers,\u201d she tells Realtor.com. Many heavy tech hitters, including Oracle, Meta, Dell, Microsoft, and Amazon, have implemented \u201cquiet layoffs\u201d as they restructure with AI in mind.<\/p>\n<p>The encroaching instability in the tech workforce has meant that while the housing market \u201chas certainly not crashed, pricing [has] adjusted to meet buyers where they are today,\u201d she adds.<\/p>\n<p>\t\t\t\t\t\t\tStart your day with all you need to know\t\t\t\t\t\t<\/p>\n<p class=\"inline-module__cta\">\n\t\t\t\t\t\t\tMorning Report delivers the latest news, videos, photos and more.\t\t\t\t\t\t<\/p>\n<p>\t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n<p>At recent open houses, she\u2019s heard similar sentiments: Tech workers are uncertain about their employment and feeling the strain of high interest rates. Many also invested heavily in tech stocks, which have\u00a0<a rel=\"noreferrer noopener nofollow\" target=\"_blank\" href=\"https:\/\/www.alliancebernstein.com\/us\/en-us\/investments\/insights\/investment-insights\/softwares-big-sell-off-structural-risk-or-narrative-noise.html\">slumped this year<\/a>.<\/p>\n<p>\u201cA softer stock market depleted the funds buyers were planning to use for their down payments,\u201d she says.<\/p>\n<p>There\u2019s been a marked shift in the housing inventory in the metro area, Krimmel adds.<\/p>\n<p>\u201cIt\u2019s not about San Francisco homes losing value, but rather how expensive the available inventory is this year relative to last,\u201d he says. <\/p>\n<p>\u201cThere are fewer small, pricey homes in the center of the city for sale. They are scarce and selling fast. On the flip side, this year there are relatively more large, less expensive per-square-foot homes coming up for sale in outer suburbs,\u201d he says.<\/p>\n<p>Real estate experts note that these downward adjustments offer a welcome silver lining for prospective buyers who have felt sidelined by affordability constraints over the past few years.<\/p>\n<p>As active inventory continues to build nationally\u2014climbing toward levels not seen since late 2019\u2014sellers in these cooling markets are increasingly forced to reevaluate their pricing strategies to attract a more selective pool of financially qualified buyers.<\/p>\n<p>Whether these double-digit or near-double-digit pullbacks represent a temporary normalization or the beginning of a broader regional shift will depend heavily on local economic momentum and upcoming changes in mortgage rates as the autumn buying season approaches.<\/p>\n","protected":false},"excerpt":{"rendered":"While the US\u00a0housing market cools\u00a0down and enters a seasonal\u00a0late-summer transition, price drops are hitting some metropolitan areas much&hellip;\n","protected":false},"author":3,"featured_media":1046163,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[6],"tags":[852,64,7065,4329,10204,67,132,68],"class_list":["post-1046162","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-affordable-housing","tag-business","tag-housing","tag-real-estate","tag-residential-real-estate","tag-united-states","tag-unitedstates","tag-us"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/117221989636975746","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1046162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=1046162"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1046162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/1046163"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=1046162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=1046162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=1046162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}