(New York Post) A home-price slump taking place across popular housing markets in the Sun Belt and other regions could result in some relative bargains for shrewd homebuyers, according to market data released Monday.
The median home listing price has plunged by more than 10% in Austin, Texas, since June, according to an analysis conducted by Realtor.com. That marked the steepest decline of any city in the US over that period.
The plunge in home prices has coincided with a surge in mortgage rates, which have more than doubled this year as the Federal Reserve hikes interest rates in an effort to tame inflation. With demand cooling, home sellers have little choice but to slash their asking prices.
“Sellers are thinking, ‘Gee, this is painful,’” Paul Reddam, an Austin-based real estate agent with Homesville Realty Group, told Realtor.com. “We’re kind of seeing what we saw in 2001, when the dot-com bubble burst. We had a lot of people leaving at that time, and people didn’t want to sell because they were underwater.”
The median home list price in Austin, Texas was $558,275 in September, down 10.3% compared to its level in June. On an annual basis, prices are still 2.2% higher than they were one year ago – an indication of just how hot the housing market became during the pandemic-era boom in buying activity.
Charleston, South Carolina ranked fourth on the list.Shutterstock / f11photo
Austin, Texas ranked first on the list.Shutterstock / Roschetzky Photog
Phoenix, Arizona home prices have fallen nearly 10% since June.Shutterstock / Dreamframer
