Find Out Which U.S. Cities Home Prices Are Falling the Fastest Following the Pandemic Housing Boom

The U.S. housing market saw price drops in some major cities at the end of Summer.

According to a Realtor.com report published this month, home prices per square foot were down nationwide by 1.8 percent in August from last year, partly because of “high mortgage rates and shifting local supply-and-demand dynamics,” with certain metro areas that boomed during the pandemic seeing the biggest declines. The outlet explained that sellers seem to be moving toward more realistic pricing.

Regionally, median list prices per square foot fell in the Northeast by 3.6 percent, in the South by 2.6 percent and in the West by 2.1 percent. However, Midwest prices did not change.

The median list price per square foot fell in 36 of the top 50 metros in August, with the largest price-per-square-foot downturn in the following cities:

Austin-Round Rock-San Marcos, Texas: (-8.1 percent)

Tampa-St. Petersburg-Clearwater, Florida:(-5.6 percent)

Memphis, Tennessee-Mississippi-Arkansas: (-4.1 percent)

San Francisco-Oakland-Fremont, California: (-3.9 percent)

San Antonio-New Braunfels, Texas: (-3.6 percent)

Denver-Aurora-Centennial, Colorado: (-3.4 percent)

Baltimore-Columbia-Towson, Maryland: (-3.2 percent)

San Diego-Chula Vista-Carlsbad, California: (-2.7 percent)

Orlando-Kissimmee-Sanford, Florida: (-2.6 percent)

Portland-Vancouver-Hillsboro, Oregon-Washington: (-2.4 percent)

“One common thread for most markets — including Austin, Tampa, San Antonio, Denver — is 2020–22 boomtowns continuing to give back some of their pandemic-era gains,” the website’s senior economist Jake Krimmel explained. “These are also, by and large, places with much more inventory now than pre-pandemic norms.”

The cities with the largest gains were Providence, Rhode Island, up 9.3 percent; Indianapolis, Indiana, up 4.4 percent; and Chicago, Illinois, up 3.6 percent.