Andrew Shilling of MarketWatch reports that despite U.S. home prices remaining high at an average of $503,800 last quarter, they’ve dipped 1.3% since Q4, while new home sales rose 7.4% to 724,000. With more listings and increased price cuts, the housing market is shifting in favor of buyers. Inventory is up nearly 20% year-over-year, and sellers are slashing prices to stay competitive. Cities like Phoenix, Tampa, and Jacksonville lead in price cuts, with over 30% of listings reduced. Experts suggest it may be a good time to buy — if financially ready — but caution those uncertain to consider renting, especially in markets with rising rental vacancies. Shilling writes:
Although average sales prices in the U.S. remained elevated in the past quarter at $503,800, they are actually down 1.3% since Q4, according to Fed data. And with the total number of newly-built single-family homes that sold in the U.S. up by 7.4% to a total of 724,000, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau — some regions are starting to show just how much housing markets are beginning to favor buyers. […]
10 housing markets with the most price cuts
1. Phoenix, Ariz. – 37%
2. Tampa, Fla. – 34%
3. Jacksonville, Fla. – 30.7%
4. Raleigh, N.C. — 30.4%
5. Denver, Co. – 30% (Tie)
6. Nashville, Tenn. – 30% (Tie)
7. Orlando, Fla. – 29.8% (Tie)
8. Dallas, Tx. – 29.8% (Tie)
9. San Antonio, Tx. – 28.3%
10. Salt Lake City, Utah – 28.3%
Read more here.
