Alita O'Leary
By Brad Beckett on September 24, 2026
Realtor.com says as the U.S. housing market cools and enters its late-summer slowdown, price reductions are spreading nationwide, but some metro areas are being hit much harder than others.
Realtor.com says as the U.S. housing market cools and enters its late-summer slowdown, price reductions are spreading nationwide, but some metro areas are being hit much harder than others. High mortgage rates, changing supply-and-demand conditions, and more realistic seller expectations are driving broader price corrections, particularly in markets that experienced rapid growth during the COVID-19 pandemic.
“One common thread for most markets—including Austin, Tampa, San Antonio, Denver—is 2020–22 boomtowns continuing to give back some of their pandemic-era gains. These are also, by and large, places with much more inventory now than pre-pandemic norms,” he says.
Among the 50 biggest metro areas, these metros saw the biggest annual declines in listing price per square foot in August:
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Austin-Round Rock-San Marcos, TX: -8.1%
Median listing price: $450k -
Tampa-St. Petersburg-Clearwater, FL: -5.6%
Median listing price: $391,950 -
Memphis, TN-MS-AR: -4.1%
Median listing price: $299,995 -
San Francisco-Oakland-Fremont, CA: -3.9%
Median listing price: $908,700 -
San Antonio-New Braunfels, TX: -3.6%
Median listing price: $324,450 -
Denver-Aurora-Centennial, CO: -3.40%
Median listing price: $574,913 -
Baltimore-Columbia-Towson, MD: -3.2%
Median listing price: $375,000 -
San Diego-Chula Vista-Carlsbad, CA: -2.7%
Median listing price: $899k -
Orlando-Kissimmee-Sanford, FL: -2.6%
Median listing price: $417k -
Portland-Vancouver-Hillsboro, OR-WA: -2.4%
Median listing price: $595k