September home prices stayed the same or fell in approximately 50% of the nation’s largest metros.
Hints of Change in Pricing and Inventories
The real estate market has a long way to go before the dust settles from steep price upticks and scant supply BUT, squint and look closely. You’ll see some subtle changes that lean towards buyers.
Last month, Redfin indicated that bidding wars slowed in August and in September, according to realtor.com®, homes took longer to sell.
Also in September, the year-over-year drop in inventory, -22%, was smaller than August’s, nearly -26%.
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Prices Beginning to Break
Even though the national median list price in September 2021 was almost +9% y/y and nearly +21% compared to September 2019, there was no change in the median list price from August to September after there being no change in July’s median list price and a drop in August.
In nearly half of the country’s largest metro areas, median list prices either fell or remained steady compared with one year ago.
There may be some places in the country where home buyers may begin to breathe a bit easier. Take a look:
Price Breaks in September
Metro Med. List Price 1-Year Change
Milwaukee $279,000 -14.4%
Pittsburgh $230,000 -8.0%
Cleveland $199,000 -7.6%
Detroit $253,000 -7.5%
Louisville KY $250,000 -6.5%
Philadelphia $322,000 -6.4%
Chicago $332,000 -4.8%
Memphis $249,000 -4.6%
Virginia Beach $315,000 -4.5%
Kansas City $325,000 -4.3%
San Francisco $993,000 -4.2%
Columbus OH $289,000 -3.6%
New York $608,000 -2.8%
Los Angeles $968,000 -2.8%
Rochester NY $217,000 -2.5%
Indianapolis $280,000 -2.2%
Washington DC $510,000 -1.8%
Cincinnati $312,000 -1.8%
Baltimore $335,000 -1.5%
Richmond VA $350,000 -1.4%
Minneapolis $350,000 -1.3%
Boston $675,000 -0.3%
Buffalo $230,000 0.0%
St. Louis $250,000 0.0%
Thanks to realtor.com® and The New York Times.
