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US Housing Market Cools: realtor.com Reports Price Drops

The US housing market experienced a significant cool down in recent months, with August marking the slowest month in five years according to realtor.com. The market slowdown is primarily attributed to a combination of factors, including elevated mortgage rates and record-high home prices. This has led to a decline in buyer interest, prompting homeowners to reduce prices to attract potential buyers.

• Housing activity cooled notably through the season.
• August marked the slowest month in five years.
• The number of homes for sale has increased, reaching its highest level since May 2020.
• Properties are averaging 53 days on the market.

realtor.com Reports on Price Drops

The realtor.com August Housing Report reveals that the median home price fell by 1.3% year-over-year, reaching $429,990. The report also highlights that price cuts are becoming more common, asking prices are moderating, and homes are taking longer to sell.

realtor.com: Increased Inventory

Inventory continues to rise across all four US regions, with the South and West experiencing the most significant recovery in supply. realtor.com's data indicates active listings increased by 46% in the South, 35.7% in the West, 23.8% in the Midwest, and 15.1% in the Northeast in August.

10 US Metro Areas with the Fastest Price Declines

The top 10 metro areas with the largest year-over-year drop in the median listing price, according to realtor.com, are as follows:

Rank	Metro Area	Median Listing Price	Year-over-Year Change
1	Nashville	$550,000	-5.7%
2	Denver	$620,000	-6.1%
3	Tampa, Florida	$415,000	-6.2%
4	Cincinnati	$349,900	-6.7%
5	Oklahoma City	$315,000	-7.3%
6	Austin	$525,000	-7.6%
7	San Francisco	$969,000	-7.7%
8	Kansas City, Missouri	$398,500	-8.5%
9	San Diego	$999,000	-9.1%
10	Miami	$530,000	-11.7%

realtor.com: Inventory Surge in Miami and San Diego

Tampa, San Diego, and Orlando experienced the most significant inventory growth in August, with increases of 90.1%, 80.4%, and 76.9% respectively. This inventory surge is partially in line with previous reports from Redfin, which indicated that Florida's real estate market has been experiencing a significant increase in inventory, contributing to price declines.

• Tampa saw a 90.1% increase in inventory.
• San Diego witnessed an 80.4% increase in inventory.
• Orlando's inventory rose by 76.9%.

realtor.com: San Diego Real Estate Market

San Diego's real estate market is experiencing a notable decline in median listing prices, with a year-over-year drop of -9.1%. The city's inventory surge has contributed to the price decline, with an 80.4% increase in active listings in August. San Diego's robust inventory levels and declining home prices present opportunities for buyers seeking favorable real estate deals in this desirable coastal city.

• San Diego's median listing price has dropped by 9.1% year-over-year.
• San Diego experienced an 80.4% increase in inventory in August.

realtor.com: Miami Real Estate Market

Miami's real estate market has witnessed a significant decline in median listing prices, with a year-over-year drop of -11.7%. The city's inventory surge, fueled by a growing number of homes for sale, has contributed to the price decline. Miami's dynamic real estate market, influenced by its desirable location and strong economic growth, presents both challenges and opportunities for buyers and sellers alike.

• Miami's median listing price has dropped by 11.7% year-over-year.