Homebuyers looking for bargains may want to set their sights on the Sun Belt. A new report reveals the 10 U.S. cities where home prices are dropping the fastest, driven by surging inventory, rising mortgage rates, and softening demand.
From Arizona to Florida, sellers in these markets are increasingly slashing prices to attract buyers, offering a rare opening in an otherwise tough housing market.
Why It Matters
After years of skyrocketing home prices, especially during the pandemic housing boom, a growing number of U.S. cities are seeing price corrections as inventory climbs and buyers pull back.
This has led some analysts to warn that the housing market could be heading into a prolonged downturn. A fall in prices could help aspiring buyers, especially young ones, break into the market. But for sellers and developers, the trend may signal tougher conditions ahead.
What To Know
Realtor.com data shows that nine of the 10 U.S. cities with the most home price cuts are in the Sun Belt, over half in Florida. In April, about one-third of North Port and Tampa listings saw price drops, followed by more than 28 percent in Cape Coral and over 27.5 percent in Jacksonville…