Six Texas cities are on the list of growing cities where home prices have dropped, Business Insider reports:
“Getting an attractive offer on a home in a popular market may seem like an impossible task, but a new report indicates that there are dozens of American cities that fit that description.
“Getting a home has been a herculean challenge in recent years due to rising property prices and stubbornly high mortgage rates. Those factors made the third quarter of 2023 the least affordable market for homebuyers since 1985, Business Insider reported last year.
“The current price of a single-family home increased 5.7% from a year ago to $407,600 in April, according to National Association of Realtors data cited in a June 20 report from real estate listings site Zoocasa. The gains were most notable in the West and Northeast regions, where home prices rose about 9% due to limited inventory and firm demand.
“And while homes in some cities have become less expensive this year, most markets have become more expensive, even after property values soared during the pandemic.
“Although government data shows that home sales prices peaked in late 2022, only 35 of the 109 US cities included in Zoocasa’s analysis had cheaper homes in May than in July 2022.
“Even more discouraging for buyers is that in more than a third of those cities, the current price of single-family homes exceeds $500,000. That means only 20% of the markets surveyed have homes selling for less than half a million dollars and they are also becoming more affordable.”
To read the full Business Insider article, click HERE.
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