Wichita Falls in the Top Ten for Biggest Home Price Index Declines

Wichita Falls is making another top ten list this week, but as a seller it's not something you want to see.

According to Realtor.com, the evaluation of a home is going down across the nation by 0.9%. However, certain parts of the country are worse than others. Florida absolutely dominates the top ten with six different cities, but here in Texas we're not safe either. Let's see where home evaluations are decreasing in price the most.

Why Are Home Evaluation Prices Down?

Much of it is attributed to higher inventory levels and slowing in-migration in markets that previously saw rapid expansion, says the report. During the COVID-19 pandemic times, with mortgage rates at historic lows, people in urban areas rushed into many of these markets now approaching or in a downturn,especially Florida and Texas, as they sought more space and fewer restrictions, pushing prices up to unsustainable levels. Those markets are now seeing a hard correction, especially in Florida.

Why are Housing Prices Going Down in Texas?

During the 2020 pandemic many people flocked to Texas because Texas was opening up quicker than other states. However with that influx of people, that means more traffic. That increase in traffic has lead to many wanting to move to other parts of the country. At least according to real estate agent, Jameson Tyler Drew who saw people leaving Los Angles for Texas. He claims these longer commutes have lead to people flocking to more Midwestern cities.