Home Prices Are Falling Fastest in These Cities, Giving Buyers an Edge

Home prices are declining rapidly in many of the largest U.S. housing markets, with one Texas metropolitan area seeing asking prices fall nearly 10% in a single year. Austin, TX, had the largest drop in median listing prices in September, followed by Memphis, TN, and Tampa, FL, according to the Realtor.com® September Housing Report.The listing price for homes in the Austin-Round Rock-San Marcos metro area decreased by 9.8% from last year to $446,450.Memphis, TN-MS-AR, was second with an 8.7% decrease, and Tampa-St. Petersburg-Clearwater, FL, was third with a 6.6% decrease. Nationally, the median listing price decreased by 1.4% from last year to $419,250 in September, according to Realtor.com data. This price was down 1.4% from last September, marking an 11th consecutive month of year-over-year declines.Among the 50 largest metro areas, these 10 saw the biggest annual declines in listing prices in September:Austin-Round Rock-San Marcos, TX: -9.8%Median listing price: $446,450Memphis, TN-MS-AR: -8.7%Median listing price: $299,950Tampa-St. Petersburg-Clearwater, FL: -6.6%Median listing price: $385,398San Diego-Chula Vista-Carlsbad, CA: -6.3%Median listing price: $888,450Los Angeles-Lo...