Where Are The Best US Cities For Homebuyers?

couple looking at a houseThose who are looking for housing mortgage programs from Krum, TX, may have a good reason to do so this year due to the falling home prices in some cities.

A new analysis showed that residential property values in Austin and San Antonio in the previous year. However, you should still avoid the Houston market where prices continue to increase in the city.

Texas Prices

San Antonio’s median listing prices fell 5.4% in March year over year to almost $270,000. The city’s booming job market could be a factor for cooling prices, according to the analysis. Employment has increased by 4.2% compared to the 1.7% average nationwide.

The same situation applies in Austin, where asking prices dropped 3.4% to nearly $337,000 compared to the previous year. Job growth in the city has risen by 6%, while unemployment reached 3% as opposed to a 4.4% jobless rate in the country.

Other Cities

A home in Hawaii may seem like a dream for many, but falling home prices in Honolulu should serve as an excuse to buy a house near the beach. Property values in the city have declined by 1.4% year over year to a median of $630,000. This may still be expensive, yet some houses are being sold for $40,000 less than their estimated price.

In Camden, N.J., prices have stayed the same at $174,900. Take note that while prices are low, the city’s economy has been struggling to recover due to the exodus of manufacturing jobs. The jobless rate of 4.8% is also higher than the national average.

Conclusion

Housing prices remain expensive in most cities in the country, but the spate of price declines in some urban areas signal hope for homebuyers. Consider taking out a mortgage loan to help with our financing requirements, especially while prices are still favorable to buyers.