5 cities where home prices are now falling the most


In Tulsa, Ohio, the median home price fell 18.7%.

Photo: Andrii Yalanskyi/Shutterstock

After rising sharply, house prices are beginning to fall in some cities across the country. The following are the cities that, according to the real estate portal Realtor.com, are experiencing the biggest drops in sales prices.

5–Tulsa, Okla.

–Average drop in house prices: -5%

New Average Selling Price: $220,000

Factors ranging from higher mortgage rates to rising inventory levels are pushing prices down in some markets. But the sudden appearance of more homes for sale is also causing average sales prices to drop in many markets.

Tulsa is a good example of a market where this is happening, according to Realtor.com.

4–Pittsburgh

–Average drop in house prices: -13.7%

–New average selling price: $230,000

In this city, a growing number of affordable homeowners appear to be ready to sell, and the fact that those more affordable properties are now coming to market is driving down average sales prices even further.

3–Detroit

–Average drop in home prices: -15.4%

–New average selling price: $75,000

Just a couple of weeks ago, it looked like home values ​​in this city would remain flat. However, higher mortgage rates are hurting some homeowners.

Combining this with the fact that the number of new homes for sale increased 67% in March from a year agoit is normal that now there is a fall in prices.

2–Rochester, New York

–Average drop in house prices: -17%

–New average selling price: $149,900

For more than two years, the Rochester market has been rising, but it was largely a lack of put options that drove prices higher.

Now, there are more houses for sale, possibly from rental owners who now want to sell, and that has caused prices to drop.

1–Toledo, Ohio

–Average drop in home prices: -18.7%

–New average selling price: $115,000

Currently, prices in Toledo are falling sharply even though this was already a market with average prices well below the national average.

But a city’s economy largely dictates the fate of its home prices, and Toledo has already had decades of job losses. That includes the closure of a Jeep Cherokee plant a few years ago that resulted in 3,700 workers being laid off.

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Source-eldiariony.com