Home sellers nationwide are lowering asking prices as the housing market cools, with median listing prices per square foot falling 1.8% year-over-year in August, marking the 10th consecutive month of decline. Prices dropped most in pandemic boomtowns like Austin (-8.1%) and Tampa (-5.6%), while some markets like Providence saw increases. Elevated mortgage rates and increased inventory are driving sellers to reduce prices to attract cautious buyers.
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