Home Prices Plunging In These 10 US Cities, Data Shows

  • A home-price slump taking place across popular housing markets in the Sun Belt and other regions could result in some relative bargains for shrewd homebuyers, according to market data released Monday.
  • The median home listing price has plunged by more than 10% in Austin, Texas, since June, according to an analysis┬áconducted by Realtor.com. That marked the steepest decline of any city in the US over that period.
  • The plunge in home prices has coincided with a surge in mortgage rates, which have more than doubled this year as the Federal Reserve hikes interest rates in an effort to tame inflation. With demand cooling, home sellers have little choice but to slash their asking prices.
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