Jake Krimmel reports significant price-per-square-foot declines in major U.S. metropolitan areas as housing market cools

The U.S. housing market is experiencing a broad price correction as list prices per square foot decrease for the 10th consecutive month. Nationwide, the price per square foot fell 1.8% year-over-year in August, with median list prices dropping in three of the four regions, while prices remained flat in the Midwest. Jake Krimmel, a senior economist at Realtor.com, noted that the largest price-per-square-foot declines occurred in Austin, Texas (-8.1%), Tampa, Florida (-5.6%), and Memphis, Tennessee (-4.1%). These shifts are largely attributed to the cooling of pandemic-era

Sources

• New York Post
  Home prices dropping fastest in major US cities — and they’re not the ones you think
• Realtor.com
  Home Prices Are Falling the Fastest in These Cities
• Newsweek
  Map Shows the 10 US Cities With the Biggest Home Price Drops
• 24/7 Wall St.
  42% of Homes Are Taking Price Cuts. Why Are Buyers Still Sitting on the Sidelines?

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Paywall and unreadable sources

• Forbes
  Median Home Prices Are Dropping While High‑End Sales Keep Skewing The Market