Home prices are falling in these US cities

While the US is finally escaping the summer heat, the last few months were anything but hot for the housing market.

Housing activity cooled notably through the season, and August marked the slowest one in five years, Realtor.com said.

The month notched the largest number of homes for sale since May 2020, with properties averaging 53 days on the market.

According to Realtor.com‘s August Housing Report, these conditions have helped home prices slip lower across the country. Homeowners are trimming prices to revive buyer interest, which has dropped off amid record price highs and elevated mortgage rates.

The median home price fell 1.3% year-over-year, reaching $429,990.

In 2024, several U.S. cities have seen declines in home prices. Notable examples include:

• Victoria, TX (-7.2%)

• Cape Girardeau, MO-IL (-7.3%)

• Durango, CO (-7.4%)

• Tullahoma-Manchester, TN (-7.4%)

• South Bend-Mishawaka, IN-MI (-7.4%)

• Fort Morgan, CO (-7.5%)

• Evansville, IN-KY (-7.7%)

• Billings, MT (-7.8%)

• Jonesboro, AR (-7.8%)

• Ruidoso, NM (-7.9%)