The Housing Market is Already Breaking in These 15 Cities

1
Jenny Cohen
·5 min read

The housing market has been running hot for a while now, but are there signs that a cooling trend is appearing in some cities.

Real estate brokerage Redfin reports that buyers are backing out of deals in large numbers in some markets.

As these potential buyers get cold feet, it might reduce the level of competition for home sales in these markets. That could in turn cause home prices to fall.

Following are the cities where beleaguered home shoppers may soon finally catch a break and avoid the financial stress of having to pay sky-high prices.

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15. Riverside, California

Pending sales that fell out of contract in September: 20.8%

One indicator that Riverside is struggling is the 29.9% decline in homes sold in September of this year compared to the same month a year earlier.

Homes now sit on the market for an average of 40 days, up 13 days year over year.

14. Nashville, Tennessee

Pending sales that fell out of contract in September: 20.9%

Nashville has seen a big drop in homes selling above the list price in September compared to earlier this year.

The city reached a high of 60.3% of homes selling above the list price in April. That number dropped to 21.2% in September.

13. Fort Worth, Texas

Pending sales that fell out of contract in September: 21%

Fort Worth is feeling a chill in its housing fortunes.

The city saw 27.5% of homes sell above the list price in September, a 28.8% decline compared to the same period a year earlier.

12. West Palm Beach, Florida (tie)

Pending sales that fell out of contract in September: 21.1%

West Palm Beach — where the number of homes sold plunged 39% year over year — is one of five markets in Florida to make this list

That means the Sunshine State is tied with Texas in having the most markets cooling down than any other state, according to Redfin.

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12. Dallas, Texas (tie)

Pending sales that fell out of contract in September: 21.1%

Dallas — one of five Texas markets on Redfin’s list — saw housing prices around $490,000 when they peaked in May.

But prices in the market have started to decline, with the median home price dropping to $399,500 in September.

10. Austin, Texas

Pending sales that fell out of contract in September: 21.3%

Houses in Austin are staying in the market for a median of 50 days, which is 15 days longer than during the same time last year.

The longer a house is on the market, the greater the odds that a buyer can snatch a deal.

9. Fort Lauderdale, Florida

Pending sales that fell out of contract in September: 22.1%

Fort Lauderdale is seeing a decline in the number of homes being sold on the market.

The 341 homes sold in September was a 32.6% decline in homes sold compared to a year earlier.

8. Las Vegas, Nevada

Pending sales that fell out of contract in September: 22.7%

Las Vegas was a top city for people to move to in recent years but is starting to feel the pinch as potential buyers are thinking twice.

The number of homes sold in September plunged 41.8% year over year.

7. Houston, Texas

Pending sales that fell out of contract in September: 23%

Houston recorded 2,315 homes sold in September, which was a 20.5% decline from the number of homes sold during the same period a year earlier.

The percentage of homes sold above list price — 21.6% — was also 6.3% lower in September compared to a year earlier.

Pro tip: Before you shop for a home, make a focused effort to eliminate your debts, or at least pay them down. Doing so will put you in a much stronger financial position.

6. Phoenix, Arizona

Pending sales that fell out of contract in September: 23.5%

Phoenix has seen a surge in population in recent years, according to the U.S. Census Bureau. That has resulted in a growing demand for housing.

But things are slowing in the desert. During September, homes sat on the market for a median of 43 days, a jump of 17 days compared to September 2021.

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5. Tampa, Florida

Pending sales that fell out of contract in September: 24.5%

The number of homes sold in Tampa was 637 in September, a 40.6% decline compared to the same period a year earlier.

It will be interesting to see how the devastation of Hurricane Ian impacts Tampa and other housing markets on Florida’s west coast.

4. Orlando, Florida

Pending sales that fell out of contract in September: 24.6%

The home of Disney World — the happiest place on Earth — may not have much to smile about when it comes to its housing market.

Houses are on the market for a median of 20 days, which is the highest level since February 2021.

3. Atlanta, Georgia

Pending sales that fell out of contract in September: 25%

As the economic engine of the South, Atlanta perennially attracts new residents. However, the city saw a 28.3% decline in the number of homes sold in September compared to a year earlier.

2. San Antonio, Texas

Pending sales that fell out of contract in September: 25.3%

San Antonio is another Texas town where the housing market is starting to slump. Homes in the area were on the market for a median of 29 days in September, which was nine more days than in September 2021.

1. Jacksonville, Florida

Pending sales that fell out of contract in September: 30.3%

The number of homes sold in Jacksonville declined 34.6% in September compared to a year earlier, with 44.7% of the homes on the market recording a price drop.

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Bottom line

If you're shopping for a home, you may be in luck: Demand is cooling, and so are asking prices in many markets.

Research market trends and see if you can fit a new home into your monthly budget. If prices remain a little out of reach, see if you can boost your income by turning to a side hustle or another great way to make extra money.

More from FinanceBuzz:

This article The Housing Market is Already Breaking in These 15 Cities originally appeared on FinanceBuzz.

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