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Home prices are falling in these formerly hot markets. Why?

Home prices in some of the hottest real estate markets in the U.S., such as Austin, Phoenix, and San Francisco, are experiencing a decline after a period of significant growth, according to recent data from Redfin. In Austin, the median home sale price dropped by 2.9% year-over-year, marking the city's first annual decline since 2011. Phoenix saw a 4.6% decrease, while San Francisco's median home price fell by 9.4%. This trend is attributed to factors like rising mortgage rates, which have cooled buyer demand, and an increase in housing supply. Despite these declines, home prices in these markets remain high compared to historical standards, and the overall U.S. housing market continues to show resilience with a national median home sale price increase of 1.4% year-over-year.

Read the Full wjla Article at:
[ https://wjla.com/money/mortgages/home-prices-falling-in-hot-markets ]