FORT WAYNE, Ind. (WOWO) — Home prices are falling in much of the country as the housing market cools, with Austin, Tampa and Memphis posting the largest year-over-year declines in listing prices per square foot in August. An analysis by Realtor.com found the national median listing price per squar e foot fell 1.8% from a year earlier in August, marking the 10th consecutive month of year-over-year declines. The decline comes as elevated mortgage rates continue to pressure affordability and sellers in some markets reduce asking prices to attract buyers. Realtor.com found listing prices per square foot fell in 36 of the nation’s 50 largest metropolitan areas. Austin recorded the largest decline, with prices per square foot down 8.1% from August 2025. Tampa followed with a 5.6% drop, while Memphis prices fell 4.1%. Other major markets with significant declines included San Antonio, down 3.6%; Denver, down 3.4%; Baltimore, down 3.2%; San Diego, down 2.7%; Orlando, down 2.6%; and Portland, Oregon, down 2.4%. The pattern is particularly noticeable in cities that experienced rapid housing and price growth during the pandemic. Realtor.com senior economist Jake Krimmel said Austin, Tampa, San Antonio and Denver have something in common: They were among the markets that experienced a major boom from 2020 through 2022 and are now giving back some of those gains. Krimmel also pointed to a major increase in available housing in many of those markets. “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,” Krimmel said. “These are also, by and large, places with much more inventory now than pre-pandemic norms.” The broader regional numbers show the cooling is not occurring evenly across the country. Median listing prices declined year over year in three of the four major regions. The Northeast was down 3.6%, the South fell 2.6% and the West declined 2.1%. The Midwest was essentially unchanged. Not every market saw prices decline. Providence, Rhode Island, recorded the largest increase in listing price per square foot, up 9.3% from a year earlier. Indianapolis followed with a 4.4% increase, while Chicago was up 3.6%. San Francisco provided another notable exception. The city’s listing price per square foot fell 3.9% year over year in August, ranking fourth among the largest declines nationwide. But Realtor.com’s analysis found the decline did not necessarily mean homes in the market were losing value. San Francisco remained highly competitive, with active listings down 16.3% in July compared with a year earlier. The median listing price was $908,700, despite being 5.2% lower than a year earlier. Krimmel said changes in the mix of homes being offered for sale can influence the price-per-square-foot measurement. “It’s not about San Francisco homes losing value, but rather how expensive the available inventory is this year relative to last,” Krimmel said. “There are fewer small, pricey homes in the center of the city for sale. They are scarce and selling fast,” he said. “On the flip side, this year there are relatively more large, less expensive per-square-foot homes coming up for sale in outer suburbs.” The Realtor.com findings come as buyers and sellers continue to adjust to a housing market that is substantially different from the pandemic-era boom. Higher borrowing costs have made monthly mortgage payments more expensive, while increased inventory in some markets has given buyers more choices and reduced some of the pricing pressure that characterized the pandemic years. The August data indicates that adjustment is continuing, particularly in markets where home prices and construction surged during the 2020-to-2022 period. At the same time, the experience varies sharply from one metropolitan area to another, with some markets continuing to post annual price gains even as national prices decline. The post Home Prices Fell Again in August — Here Are the Markets Seeing the Biggest Declines appeared first on WOWO News/Talk 92.3 FM and 1190 AM. ...read more read less