BySARA MCGIFF, US REAL ESTATE & CONSUMER REPORTER
Home prices are now falling in almost half of America's biggest cities as the spring housing reboundfails to show up.
A new Zillow reportshows property valuesare down year on year in 24 of the 50 largest metro areas, with some of the sharpest falls hitting pandemic boomtowns and once red-hot Sun Belt markets.
Austinsuffered the biggest drop, with typical home values down 6 percent from a year ago, followed by Dallas, Tampa, Denver, Orlando andLas Vegas.
Zillow said the spring bounce it had expected at the start of the year was 'put on pause' in April by highermortgage rates.
The warning signs are not just in prices. Sales slipped 0.4 percent nationally from a year earlier, while new listings rose 2.1 percent - meaning more homes are coming on to the market than buyers are snapping up.
Zillow said it was the first time this year that new listings had grown faster than sales on an annual basis.
That matters because it gives buyers more choice and forces sellers to compete harder, particularly in markets where inventory is already piling up.
In Seattle,typical home valuesfell 2.1 percent while the number of homes for sale surged 25.9 percent. Sales there were also down 4.4 percent from a year earlier.
A new Zillow report shows property values are down year on year in 24 of the 50 largest metro areas - including Austin, Texas, which suffered the biggest drop
Source: Drudge Report
