Florida and Texas Show Signs of Home Prices Falling

Gary and Karen Steppe listed a condo in Indialantic, Fla., in February for $294,900. They expected the two-bedroom vacation home, which is in an oceanside town near Melbourne Beach, to sell quickly. But the couple initially received no bids. 

One reason: A rising number of homeowners in the area were also looking to sell. With more properties on the market, “buyers didn’t have that fear of missing out like they did when the inventory was less,” Gary Steppe said. 

The Steppes cut the price, then accepted an offer in April for about $275,000. “I wish I had…sold it two years ago,” when similar condos were selling for higher prices, he said.

In most of the U.S., the limited number of homes for sale is pushing prices back toward record highs. Sale prices for single-family existing homes rose in 93% of U.S. metro areas during the first quarter, according to the National Association of Realtors. The median single-family existing-home price grew 5% from a year ago to $389,400.