Boomtown price drops reshape the U.S. housing map

Amid high mortgage rates and rising listings, August saw steeper price-per-square-foot declines in major metros, led by Austin (-8.1%), Tampa (-5.6%), and Memphis (-4.1%), with San Francisco also softening despite its high prices; nationwide price-per-square-foot is down about 1.8% year over year. The shifts reflect pandemic-era booms cooling, tech-sector softness affecting demand, and buyers gaining leverage as inventory grows—though the outlook depends on fall mortgage-rate moves.