Homebuyers Gain Opportunities as Prices Ease in Major US Cities

Home prices per square foot fell year over year in 36 of the 50 largest U.S. metro areas in August, with the steepest declines in Austin, Tampa, and Memphis. Median list prices dropped in the Northeast, South, and West, while remaining flat in the Midwest. Pandemic boomtowns are losing some gains as sellers reduce prices amid high mortgage rates. San Francisco saw a 3.9% decline in price per square foot despite a tight market.