Four of the 50 largest metro areas had a drop in home prices last month, compared to September 2022.
The median listing price in Houston, Memphis, Raleigh, and San Antonio fell more than 1% in September compared to a year earlier, according to a new Realtor.com report.
Each of these places had an influx of demand in 2021 and 2022, like Houston, which had the second largest population surge out of any other city and grew some 124,000 residents during that time, Houston Public Media reported.
As mortgage rates cool demand for homes everywhere, once hot markets are experiencing price drops more quickly than other locations, Evan Wyloge, a Realtor.com data journalist, previously told Insider.
In these locations, the power dynamic is shifting toward buyers as the supply of homes on the market rises. For example, in San Antonio, where prices dropped most of the four cities, the inventory of homes for sale in September grew 24% compared to a year earlier.
"This is good for buyers, they have more options," Danielle Hale, the chief economist at Realtor.com, told Insider. "It also means that they have a little bit more ability to wait until they see what they want or to choose something else."
Of course, there's also high mortgage rates to contend with. But for those with enough cash or equity to buy, it may be a good time to look at these locations, she said.