Finally! 11 cities where home prices are falling — the steepest drop will shock you

Mortgage rates might remain stubbornly high, but home prices seem to be leveling off—and are already falling in certain cities.

That price is “relatively stable compared to the same time last year, when it was $441,000,” notes Realtor.com Chief EconomistAmong America’s 50 biggest cities, 20 show annual price declines since last year, and the metro with the steepest drop might surprise you: In Miami, the median home price plummeted 11.2% from a year earlier, to $439,000.

Whether any of these softening prices will result in lower housing payments is unclear. Mortgage rates are so high, they’ve pushed up median monthly payments nationwide by 7.1%.“Higher mortgage rates compared with last May still increased the monthly cost of financing 80% of the median home by roughly $158 compared with a year ago,” Hale says.

So, while homebuyers might still have to cough up more cash now than in the past for the typical home, they can nonetheless temper this load by targeting the right cities where prices are heading south. The Amazon Prime Day 2024 dates have been announced — here are 27 best early deals you can already shopBeat the heat wave! Keep cool with the Costway Kids Water Park on sale for $500 off at WalmartJoe and Jill Biden refinanced their Delaware home 20 times — raking in $4.

Source: Real Estate Daily Report (realestatedailyreport.net)

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