While residential housing prices around the county are hitting highs, there are few markets where prices are actually falling.
But they are indeed falling in four metro areas:
Gulfport, Mississippi;
Peoria, Illinois;
Beaumont, Texas;
and Kansas City, Missouri,
As further stated in MarketWatch:
Known for its barbecue, jazz heritage and sports teams like the Kansas City Chiefs, Kansas City Royals and the MLS team Sporting Kansas City, Kansas City has been called Paris of the Plains because it has more boulevards than any other city except Paris. The reason prices are declining, according to Ratiu, is that “new listings have been growing for seven of the past 12 months on a year over year basis, adding inventory to the market.”
“It helps to think of each metro area as their own housing market, with unique features, populations, trends and supply and demand patterns. Though the majority may be seeing low supply and high demand pushing prices higher, that isn’t the case in every local market,” says Elizabeth Renter, a data analyst at NerdWallet. For this reason, buyers can find homes lingering on the market for weeks or months and showing price discounts. “In many cases the homes may need remodeling or the price may not match the local market fundamentals,” says Ratiu.
