(AURN News) — AURN News recently reported on the challenges facing today’s housing market, as new data from the National Association of Realtors show existing home sales fell 2.7% in June.
Even with fewer sales, home prices are still rising. The average U.S. home sold for more than $435,000 in June — the highest on record for that month. It was also the 24th consecutive month that prices increased.
But a new report from Redfin shows that some metropolitan areas are already feeling the effects of a cooling housing market.
In Washington, D.C., home prices dropped 1.8% in June — the third consecutive month of month-over-month decline — even though prices remain 2.9% higher than a year ago. The dip comes as significant cuts to federal employment continue to weigh on local housing demand.
Other metro areas with falling prices last month include Austin, where prices declined 1.5%, and San Diego, with a 1.4% drop.
Over the past year, Tampa has seen the largest price decline among major cities — down 4.5% — followed by Austin at 3.5% and Dallas at 2%.
Click play to listen to the AURN News report from Jamie Jackson:
