House prices are falling in these cities as market shifts
Ten cities across the United States have seen housing prices slashed substantially over the summer amidst a rocky market, according to a leading home-selling website.
Realtor.com has released a list of the 10 cities with the largest cuts in housing prices in the United States. Austin, Texas, shown above, saw one of the highest rates of house prices cut in June.Phoenix, Arizona, and Anchorage, Alaska made up the remainder of the top four, with reductions to 29.5 percent and 28.5 percent of properties listed, respectively.
Sacramento, California, and Colorado Springs, Colorado came next in the price drop list, with reductions for 25.2 percent and 25.1 percent of listed homes, and a median price of $642,500 and $550,000 respectively. George Ratiu, a senior economist at Realtor.com, said growing reticence from buyers is forcing sellers to drop their prices.
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