CONTRA
Texas markets tell the other side of that story. Cities that saw outsized pandemic-era migration and construction booms are now working through excess supply, producing the only sustained year-over-year price declines in the country. San Antonio fell about 2% and Fort Worth, Dallas and Austin each dropped about 1%, Redfin reported.
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Key background
The Redfin Home Price Index tracks single-family home price changes over time, using a repeat-sales pricing method to measure how much prices change for the exact same properties between sales. The most recent index showed San Francisco leading across all major metros with a nearly 2% monthly price gain, followed by Oakland, California, at about 1%. Montgomery County, Pennsylvania, posted the steepest drop at about 1% month over month, according to Redfin’s analysis of the 49 most populous U.S. metros with sufficient data. On a year-over-year basis, San Francisco posted a 13% annual price gain, the highest among major metros.
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WHAT TO WATCH FOR
What the Federal Reserve does next. Any interest rate cut that brings 30-year mortgage rates meaningfully below the mid-6% range could unlock pent-up demand from sidelined buyers and quickly accelerate price growth. The next interest rate decision will be announced Sept. 16.
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further reading
ForbesHow We Know The Housing Boom Became A BubbleBy James BroughelForbesHousing Market Freeze Hits Spring Buying SeasonBy Danielle Chemtob