The housing market is still experiencing a slowdown, but some major US cities are seeing a decrease in home prices. According to Redfin, 14 of the country’s 50 most populous metro areas saw a drop in median sales price in June. The uncertainty over the US economy is leading to inventory buildup and prolonged market periods.
The top five cities with the steepest declines in median home sales prices are Oakland, California; West Palm Beach, Florida; Jacksonville, Florida; Austin, Texas; and Houston, Texas. These markets have seen drops of 6.8%, 4.9%, 3.1%, 2.9%, and 2.8% respectively.
Redfin’s report notes that sellers need to adjust to the changing market, with homes often sitting on the market for longer than expected. Buyers are gaining the upper hand, leading to lower prices in these cities. Despite this, national home prices remain high, at an all-time high of $435,300 in June, according to Redfin’s data.
Source: https://www.businessinsider.com/home-price-drops-cities-housing-market-freeze-inventory-home-buyers-2025-8