Housing costs are falling in a handful of markets across the US, according to a new analysis from Redfin.
The real estate listings site said that in March, the median monthly mortgage payment for borrowers declined in 12 out of 50 of the most populated metropolitan areas in the US.
The site’s analysis assumes a 6.65% fixed 30-year fixed mortgage rate, and a 15% down payment on a home, as well as fixed rates for insurance and private mortgage insurance, the firm said in a note last week.
The decline in payments looks to be partly driven by the decline in home prices in some areas of the US. While the median sale price of a US home rose 2.4% year-over-year in March, demand has cooled off in key markets amid economic uncertainty, making sellers more likely to offer concessions or, in some cases, cut prices.
“Buyers are having luck negotiating because many of the people who need to sell now—those who are relocating, for example—are anxious and eager to sell quickly, before the economy potentially gets even more uncertain,” Ali Mafi, a Redfin agent based in San Francisco, said.
Here are the 12 metro areas where mortgage payments are falling the most, according to Redfin’s analysis.
1. Jacksonville, Florida
joe daniel price/Getty Images
Median monthly mortgage payment: $2,482
YoY% change: -4.2%
2. San Francisco, California
Alexander Spatari/Getty Images
Median monthly mortgage payment: $10,054
YoY% change: -3.5%
3. Oakland, California
Nicholas Klein/Getty Images
Median monthly mortgage payment: $6,638
YoY% change: -2%
4. West Palm Beach, Florida
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Median monthly mortgage payment: $3,643
YoY% change: -1.6%
5. Austin, Texas
Jonathan Ross/Getty Images
Median monthly mortgage payment: $3,432
YoY% change: -1.1%
6. Portland, Oregon
© Allard Schager/Getty Images
Median monthly mortgage payment: $3,746
YoY% change: -1%
7. Dallas, Texas
Dan Huntley Photography/Getty Images
Median monthly mortgage payment: $3,183
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YoY% change: -1%
8. Seattle, Washington
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Median monthly mortgage payment: $5,633
YoY% change: -0.8%
9. Tampa, Florida
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Median monthly mortgage payment: $2,554
YoY% change: -0.6%
10. Denver, Colorado
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Median monthly mortgage payment: $3,924
YoY% change: -0.5%
11. Nashville, Tennessee
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Median monthly mortgage payment: $3,010
YoY% change: -0.3%
12. Orlando, Florida
JillianCain/Getty Images
Median monthly mortgage payment: $2,782
YoY% change: -0.3%
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