This Is the City Where Home Prices Are Being Slashed
The residential real estate market in the U.S. has been on an unprecedented run. Partially due to the migration of people from the largest coastal cities during the COVID-19 pandemic, home prices in mid-sized and smaller cities have increased — by double digits in the majority of cases.
The carefully followed S&P Case-Shiller home price index for June showed nationwide home prices rose 18.6% year over year. In Phoenix, the figure was 29.3% for the same period. However, in Des Moines, Iowa, the trend might be beginning to reverse. While home prices are still rising in Des Moines, the city has had the largest percentage of homes for sale that have had their prices cut in the second quarter.
There are other factors driving the jump in home prices. Among them are historically low mortgage rates, which make homes many people could only dream of owning…