Momentum is building in many of the nation’s biggest housing markets — but a few cities are headed in the opposite direction.
The median U.S. home sale price was up 5% in the four-week period ending Aug. 27, compared with the same period one year earlier. That’s the biggest increase in 10 months, according to an analysis by real estate brokerage firm Redfin.
Homes in the U.S. now sell for a median of $380,000. In addition, the typical monthly mortgage payment rose to $2,649 in late August, an all-time high.
Redfin says prices are rising because of what it characterizes as a “severe inventory shortage.” However, in six of the 50 most populous metropolitan areas, prices continue to head south.
Following are the half-dozen large markets where sale prices are declining.
6. San Antonio
Year-over-year change in the median home sale price in this metropolitan area: 0.5% decrease as of late August
Not only is San Antonio home to the Alamo, but you will also find four Spanish colonial missions here: Mission San Jose, Mission Espada, Mission San Juan and Mission Concepcion.
5. Las Vegas
Year-over-year change in the median home sale price in this metropolitan area: 1.2% decrease as of late August
No stop in Las Vegas is complete without a trip to the Neon Boneyard. It’s the final resting place of more than 200 of the city’s famed neon signs from yesteryear.
4. Fort Worth, Texas
Year-over-year change in the median home sale price in this metropolitan area: 1.3% decrease as of late August
Fort Worth has quietly become the 12-largest city in the U.S. It’s also home to the world’s only twice-daily cattle drive.
3. Portland, Oregon
Year-over-year change in the median home sale price in this metropolitan area: 1.4% decrease as of late August
If you love beer, Portland is a little slice of heaven: It has more than 60 breweries — more than any other city in the world.
2. Phoenix
Year-over-year change in the median home sale price in this metropolitan area: 2.4% decrease as of late August
Yes, Phoenix is in the desert, but that doesn’t mean the region is bone-dry: You can find six lakes within a 75-minute drive of downtown.
1. Austin, Texas
Year-over-year change in the median home sale price in this metropolitan area: 8.7% decrease as of late August
Forget MTV: Austin is home to the nation’s longest-running music television program, “Austin City Limits.” It debuted in 1947 with Willie Nelson singing.
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