Florida and San Antonio look cheap and getting cheaper!
Forty-seven out of 50 metropolitan areas in the U.S. saw an uptick in for-sale listings with price cuts this June as compared with last year, the company said. The biggest annual increases were in Tampa and Jacksonville, Fla., and in Denver, Colo.
The drop in home prices comes during one of the most expensive housing markets in U.S. history. Mortgage rates remain close to 7%, and home prices in May hit an all-time high, with the median price for a home hitting $419,300.
But buyers in the South are seeing a relatively cooler market, due to higher levels of inventory.
Among the largest 50 metropolitan areas in the U.S., those that had the highest share of homes with lowered prices were Austin-Round Rock-Georgetown, Texas; Denver-Aurora-Lakewood, Colo.; and Tampa-St. Petersburg-Clearwater, Fla.
The median listing price in Austin fell by 5.2% from last June. In Denver it fell by 6%, and in Tampa by 4.5%.
Tampa was also the place that saw the highest growth in housing supply from last year. In June, the inventory of homes for sale in Tampa grew by 93% as compared with last year. Tampa was followed by Orlando, where housing inventory grew by 82%. The South as a whole saw listings grow by 49% from a year ago.
Nationally, the share of homes with a price cut was 18.3% in June, Realtor.com said.
