{"id":29072,"date":"2023-06-29T08:19:42","date_gmt":"2023-06-29T12:19:42","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/home-prices-are-falling-in-the-sun-belt-in-these-big-cities-but-dont-get-too-excited-heres-why\/"},"modified":"2023-06-29T08:19:43","modified_gmt":"2023-06-29T12:19:43","slug":"home-prices-are-falling-in-the-sun-belt-in-these-big-cities-but-dont-get-too-excited-heres-why","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29072","title":{"rendered":"Home prices are falling in the Sun Belt in these big cities. But don\u2019t get too excited. Here\u2019s why."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002226071\" role=\"document\">\n<p>Home prices are falling in major cities in the South, but don\u2019t necessarily interpret that as a big opportunity to purchase a home.<\/p>\n<p>Nationwide, the median price of a home listed for sale fell 0.9% year-over-year in June to $445,000, according to a study by Realtor.com released Thursday.<\/p>\n<div class=\"paywall\">\n<p>That\u2019s the first drop since 2017 when the company started tracking this data. A separate report by the National Association of Realtors said existing home prices fell in May to the lowest level since December 2011.<\/p>\n<p>Yet would-be home buyers are not likely to find a lot of deals because there simply weren\u2019t enough homes on the market: The number of homes for sale fell by nearly 26% over last year, Realtor.com said.<\/p>\n<p>\u201cThe first year-over-year decline in median list prices this month wasn\u2019t unexpected,\u201d Danielle Hale, chief economist at Realtor.com said.<\/p>\n<p>One reason: high mortgage rates. The 30-year rate was averaging 6.75% as of last week, according to the Mortgage Bankers Association.<\/p>\n<p>Although prices dropping \u201ccould feel like a welcome relief for buyers,\u201d she added, it \u201cmay not be enough to noticeably bring down costs until the end of the year as inflation and rates start to fall too.\u201d<\/p>\n<p>But it\u2019s still an opportunity for aspiring homeowners. \u201cIf buyers see homes sitting on the market for a while that haven\u2019t received many good offers, there may be some opportunities for further negotiations,\u201d said Clare Trapasso, executive news editor at Realtor.com.\u00a0<\/p>\n<p>\u201cIt never hurts to ask a seller if they would be willing to reduce their price a little, contribute to closing costs, or even buy down their mortgage rate,\u201d she added.<\/p>\n<p>Out of the 50 largest metros in the U.S., 15 saw home prices fall in June, Realtor.com said. Home prices fell the most in Austin, by 6.8% year-over-year, followed by Houston, at 5.1% and Raleigh, N.C., at 4.2%.<\/p>\n<p>Homes in Detroit and Dallas rounded out the top five major metro areas where home prices fell the most in June 2023.<\/p>\n<p>About a third of home listings in Austin had their prices cut, the most among all the top 50 metro areas in the U.S. San Antonio and Nashville followed, where 23% and 21% of homes listed in those areas had their prices slashed.<\/p>\n<p>Realtor.com also said that San Antonio, Memphis, and Jacksonville saw the biggest jump in the share of homes that had their prices cut.\u00a0<\/p>\n<p>San Antonio, for instance, saw an annual 8.3% rise in the percentage of homes that had price reductions, Realtor.com said.<\/p>\n<p>Realtor.com is operated by News Corp subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, also a subsidiary of News Corp.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/home-prices-are-falling-in-the-sun-belt-in-these-big-cities-but-dont-get-too-excited-heres-why-4a78661e?mod=personal-finance\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices are falling in major cities in the South, but don\u2019t necessarily interpret that as a big opportunity to purchase a home. Nationwide, the median price of a home listed for sale fell 0.9% year-over-year in June to $445,000, according to a study by Realtor.com released Thursday. That\u2019s the first drop since 2017 when [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-29072","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Home prices are falling in the Sun Belt in these big cities. But don\u2019t get too excited. 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