In certain US urban areas, houses just got a good deal cheaper.
According to new findings from Realtor.com, homeownership recently got a tad more affordable in Kansas City, San Diego and Miami, where residential real estate prices went down more than in any other city year-over-year.
Those three metros led a national trend, according to the home search website’s August housing report, released this past Thursday.
Nationwide, the median price of homes for sale last month decreased by 1.3%, to $429,990.
In Miami, Realtor.com analysts found that, year-over-year, the median listing price dropped 11.7%, to $530,000, the biggest reduction in the country.
In second place came San Diego with a 9.1% reduction, bringing median listing prices to $999,000. And in third, Kansas City, with an 8.5% reduction, for a new median of $398,050.
The nation- and city-wide price reductions coincide with significant inventory growth and a market slowdown — August was the slowest in five years, with homes spending an average of 53 days on the market.
San Diego saw the second most inventory growth in the country (+80.4%), with only Tampa reporting more (+90.1%).
Miami took fourth place in terms of new housing development, with a 72.2% rise in its year-over-year active listing count, while Kansas City, despite its substantial median price drop, did not rank in the top 10 for its inventory growth.
For would-be homebuyers, this should all come as good news.
“As the market slows seasonally, fall is one of the best times to buy a house,” said Danielle Hale, Realtor.com’s chief economist. “Shoppers, who are out this fall, are likely to face lower competition than is expected in spring 2025 as more shoppers anticipate better mortgage rates.”