Posted on 08/08/2025 7:24:14 AM PDT by Angelino97
Home prices are being slashed across the US as the housing market cools — with one city seeing them plunge almost seven percent.
In July, prices dropped year-over-year in 14 of the 50 most populous US cities — with Florida, California and Texas hit hard, reports Redfin.
'Sellers need to come to terms with two things,' said Redfin agent James Gulden. 'Homes are going to sit longer, and buyers are gaining the upper hand.'
Homes are lingering for weeks or months — a stark contrast to the days of bidding wars and same-day offers... the lower prices combined with a new, slightly lower mortgage rate means buyers can finally make a move.
The national median sale price dropped to a five-month low in July, and Redfin economists expect a 1 percent national decline by the end of 2025...
Five cities are being hit the hardest with price drops. Oakland, CA, led the downturn with a 6.8 percent plunge in median home-sale prices compared to last year. The median home sale price is now $850,000.
Austin, TX, saw a 2.9 overall price cut from a year ago to its current $439,985, while Houston, TX, saw an average price drop of 2.8 percent to $343,492.
In Florida, the market is still bleak. West Palm Beach had an overall 4.9 percent price drop to an average sale price of $475,625, while Jacksonville saw a 3.1 percent drop to an average home sale price of $372,375.
Many hesitant buyers are holding out for it to get even worse, leaving homes on the market for a longer time.
In West Palm Beach, properties are sitting unsold for a staggering 93 days on average — the slowest pace of all 50 cities. That's 18 days longer than the same period in 2024.
(Excerpt) Read more at dailymail.co.uk ...
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These people think Atlanta’s in Alabama. I wonder what else they got wrong.
This could be a good thing? I keep hearing younger Americans are open to, even embracing communism and housing affordability is one of the motivations.
I’m confused. I thought the high cost of housing was the crisis.
“These people think Atlanta’s in Alabama. I wonder what else they got wrong.”
$$$$$$$$$$$$$$$$$$
Nice catch.
As soon as Trump cleans up the Fed (ie, gets rid of Powell), interest rates will fall, and home prices will climb once again. Some markets will do better, some not as well.
“I wouldn’t call it a “crisis.” Just a slight market correction.”
2014: $350k Purchase
2023: $750k Redfin
2025: $650k Redfin
Complain when home prices go up, complain when home prices go down. We’ve got this covered.
These are hardly “plunging” prices. 20 to 25% is approaching “plunging”.
Heh, yep.
Trump is wrong on that. Powell is right.
High interest rates mean less inflation and higher returns on my CDs. Both of which are very good.
“High interest rates mean less inflation and higher returns on my CDs. Both of which are very good.”
Higher interest rates suppression the economy and increase our debt.
Your short-term glee will turn as your taxes would increase.
That seems contradictory. Low interest rates encourage borrowing.
Thus, it's low interest rates that increase debt.
As for "suppression of the economy." I don't think that easy borrowing and high inflation build a strong economic foundation. Low interest makes for a brief surge of consumer borrowing and spending -- as did the COVID handouts -- but then the bill comes due.
I feel terrible for the people in Phoenix who’s home values have cratered 0.21%.
You have your selfish reasons, others have theirs.
Our neighborhood prices seem about the same. Were in Metro Atlanta. They’re sitting a little longer but the prices are stable. There’s talk of an interest rate reduction at the Sept Fed meeting. Lower rates will spur buying.
So does that mean there’s no more “housing crisis”?
We're all affected differently by inflation, interest rates, home prices, etc.
Low interest produces high inflation. You inflate your debt away.
Good catch—that is hilarious.
“That seems contradictory. Low interest rates encourage borrowing.
Thus, it’s low interest rates that increase debt.”
You are missing the big picture.
Lower interest rates mean we pay less on our national debt.
Lower interest rates spur the economy increasing revenue used to pay off our national debt.
As our economy soars and debt in reduced, wages are increased and taxes are reduced.
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