Six cities in Texas make the list of growing cities where home prices are down, reports Business Insider:
“Scoring an attractive deal on a house in a popular market may seem like an impossible task, but a new report indicates that there are dozens of US cities that fit that description.
“Affording a home has been a Herculean challenge in recent years due to rising property prices and stubbornly high mortgage rates. Those factors made the third quarter of 2023 the least affordable market for homebuyers since 1985, Business Insider reported last year.
“The going rate for a single-family home jumped 5.7% from the prior year to $407,600 in April, according to data from the National Association of Realtors cited in a June 20 report by real-estate listings site Zoocasa. Gains were most notable in the West and Northeast regions, where home prices surged about 9% due to limited inventory and firm demand.
“And while houses in some cities have gotten less expensive this year, most markets have gotten pricier — even after property values rocketed higher during the pandemic.
“Although government data show home sale prices peaked in late 2022, only 35 of the 109 US cities included in Zoocasa’s analysis had cheaper homes in May than in July 2022.
“Even more discouraging for buyers is that in more than a third of those cities, the going rate for single-family homes is over $500,000. That means only 20% of the markets surveyed have homes selling for under half a million dollars and are also getting more affordable.”
To read the entire Business Insider article, click HERE.