With home prices rising for 70 consecutive months, homebuyers are in desperate need of a reprieve. For those unwilling or unable to wait for home prices to cool in their area, a move to another state with dropping home prices and a more affordable cost of living may be the perfect solution.
According to Trulia’s latest analysis, buyers may want to begin searching for listings in Hawaii, California, Colorado, Wisconsin, Texas, New Jersey or Florida — the home states to 10 markets where home prices have dropped by as much as 5.4 percent over the past year.
1. San Antonio, Texas
The current median listing price in San Antonio, Texas, is $269,499, a 5.4 percent year-over-year decrease.
Trulia said the key to San Antonio’s cooling home price growth may be the city’s explosive job growth (4.2 percent) that’s nearly four times the national average (1.7 percent).
Median home values have risen by 9.4 percent since March 2017, suggesting that there’s more affordable housing available.
2. Austin, Texas
The current median listing price in Austin, Texas, is $336,995, a 3.4 percent decrease from 2017.
Much like its neighbor to the south, Austin has experienced job growth (6 percent) and unemployment rates (3 percent) that outperform the national average (1.7 percent and 4.4 percent, respectively).
While other markets have struggled to match their historical building averages, the Lone Star State’s capital issues 79.5 percent more building permits in 2017 with 40 percent going toward high-density construction (five-plus…