High house prices may soon see a decline, at least in a few cities in the United States. According to financial analysis company CoreLogic, which tracks the national real estate market, prices are expected to fall in several metropolitan areas over the next year.
While house prices continue to soar in the northeastern United States (such as New York, New Jersey, and Connecticut), some cities in the southern region are still at risk of price drops.
Especially in Florida, this trend seems to be undergoing a shift. Cities like Miami, Pembroke Pines, Tallahassee, Naples, and West Palm Beach have seen soaring prices, but now, some cities in Florida and neighboring states may be overdue for a price correction.
According to data from CoreLogic, the metropolitan areas most likely to see price declines are:
1. Palm Bay-Melbourne-Titusville in Florida
2. Atlanta-Sandy Springs-Roswell in Georgia
3. Spokane-Spokane Valley in Washington
4. Deltona-Daytona Beach-Ormond Beach in Florida
5. Greenville-Anderson-Mauldin in South Carolina
CoreLogic categorizes the risk level of price declines in each of the cities mentioned above as “very high,” indicating that real estate analysts believe there is a likelihood of over 70% for prices to fall by spring 2025.
Analysts from CoreLogic project that nationwide, the year-over-year growth in house prices will slightly decelerate next year. High interest rates have subdued the real estate market, which was very hot just a few years ago.
(Reference: This article was based on a report by Nexstar Media Group)