The housing market rarely stays the same. Even if the previous year was the best on record, that doesn’t mean that the next year will follow suit — especially when a recession is looming.
The locations and reasons might differ, but every city on this list has one thing in common: Sellers are dropping asking prices.
1. Fontana, California
Located in Southern California near the San Bernardino Mountains, Fontana is a small city in a large state. In the city, the year-over-year change of listings with price drops was 333.1%.
Year over year, median home prices in Fontana are only down 0.23%, so even though sellers have slashed listing prices, the actual sale prices have not decreased by much.
2. Hayward, California
Near the San Francisco Bay in Northern California, Hayward is known as a competitive housing market. From June 2021 to June 2022, the year-over-year change in the percentage of listings with price drops was 347.1%.
However, houses are currently on the market for a median of 30 days, which is nearly double the length of time as the previous year.
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3. McKinney, Texas
McKinney is a suburb of Dallas where the housing market has exploded over the last few years. From June 2021 to June 2022, the year-over-year change in the percentage of listings with price drops was 386.6%.
The median sale price has increased by 7% throughout the last year, but houses are sitting