This is where house prices are dropping the most across the country, new study shows

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House prices are dropping the most in southern and western cities, according to a new study.

Realtor.com, a real estate listings website, recently came out with its July 2025 Monthly Housing Market Trends Report, which showed a small decrease in list prices in the South and West while the national average remains slightly up from last year.

The national median list price in July was $439,990, according to the report.

The housing market took a big hit from the COVID-19 pandemic. Since June 2019, the average list price has risen by more than 37.6 percent.

House prices are dropping the most in southern and western cities, according to a new study (Brandon Bell/Getty Images)

But there are some cities in the country where home prices are dropping, with 33 of the nation’s top 50 metro areas experiencing a decline from July 2024 to this past July.

“In the South and West, we’re seeing clear signs of a shift toward buyer-friendly conditions—more price cuts, rising delistings, and homes sitting longer on the market–which has led to sometimes sizable price adjustments since 2022,” Danielle Hale, Chief Economist at Realtor.com said in a statement.

Austin

Austin had the largest year-over-year price decline. The median list price in the city was $510,950 in July, down 4.9 percent from the same time last year.