By Alice Wright For Dailymail.Com
The red-hot housing market is starting to cool — and, in some cities, prices are already dropping.
House prices have soared almost 50 percent since the pandemic, but fears of a recession tied to Trump's aggressive tariffs have put homebuying on pause for many Americans.
This drop in demand is hitting prices. In fact, 10 of the 50 biggest cities saw prices decrease year-on-year, mostly in Texas and Florida, according to the latest data from Redfin.
croll down to see where prices are crashing fastest, and by how much.
'A lot of buyers, especially first-timers, are backing off because they're nervous about a potential recession,' Redfin agent Venus Martinez explained.
'Some house hunters are hanging out on the sidelines because they're hopeful mortgage rates will come down soon.
'The buyers who are still active, typically those who need to move, are picky and unwilling to pay over asking price.
'And those buyers have the right strategy: Many of today's sellers are willing to negotiate the price down.'
The typical US home sold in recent weeks went for 2.6 percent more than a year ago, according to Redfin. It has pushed the national median price to $389,400, a jump of about $10,000.
But that’s well below the steady 6 percent annual growth seen at the end of 2024 and early 2025 — and a far cry from the double-digit spikes during and right after the pandemic.
Meanwhile, inventory is rising. New listings are up more than 11 percent from a year ago, Redfin reports.
And with more homes hitting the market and fewer buyers biting, sellers are increasingly being forced to slash their prices.
Jacksonville in northern Florida saw the biggest decrease in house prices. Its median sale price dropped 2.8 percent since the same time last year.
Florida is in the throes of a housing crisis, as increased regulations following the Surfside Condo collapse in 2021 have triggered a steep rise in Homeowner's Association fees and insurance costs.
As a result, many residents and second-home owners are trying to offload their properties, causing a glut in the market.
Orlando was the second Florida city to see a fall, with its median sale price dipping by 0.4 percent.
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