Home Prices Are Falling the Fastest in These 10 U.S. Cities It was a slow summer for the housing market.

^{This article originally appeared on Business Insider.}

While the US is finally escaping the summer heat, the past few months were anything but hot for the housing market.

Housing activity cooled notably through the season, and August marked the slowest one in five years, Realtor.com said.

The month notched the largest number of homes for sale since May 2020, with properties averaging 53 days on the market.

Realtor.com's August Housing Report said that these conditions have helped home prices slip lower across the country. Homeowners are trimming prices to revive buyer interest, which has dropped off amid record price highs and elevated mortgage rates.

The median home price fell 1.3% year-over-year, hitting $429,990.

"This August, as the number of homes on the market continues to climb, price cuts are more common, asking prices are moderating, and homes are taking longer to sell," Danielle Hale, Realtor.com's chief economist, said in the report.

"Falling mortgage rates are likely to bring out additional home shoppers and a busier fall season than usual, but the boost in activity is unlikely to overwhelm the usual seasonal slowdown," she said.

10 U.S. metro areas where prices are falling the fastest

Inventories continue to rise across all four US regions, but the South and West saw the greatest recovery in supply, Realtor.com said.

In August, active listings increased by 46% in the South, 35.7% in the West, 23.8% in the Midwest, and 15.1% in the Northeast.

Tampa, San Diego, and Orlando notched the biggest inventory growth, which rose 90.1%, 80.4%, and 76.9%, respectively.

That's partially in line with previous reports from Redfin. The firm noted that inventory is overflowing in Florida, which is why the Sunshine State has been leading US price declines.

Here are the 10 metros within the top 50 US markets with the largest year-over-year drop in the median listing price.

1. Nashville

^{Nashville. Malcolm MacGregor/Getty Images via BI}

Median listing price: $550,000

Year-over-year change: -5.7%

Source: Realtor.com

2. Denver

^{milehightraveler / Getty Images via BI}

Median listing price: $620,000

Year-over-year change: -6.1%

Source: Realtor.com

3. Tampa, Florida

^{Tampa, Florida. Chumbley Photography/Getty Images via BI}

Median listing price: $415,000

Year-over-year change: -6.2%

Source: Realtor.com

4. Cincinnati

^{Adam Jones/Getty Images via BI}

Median listing price: $349,900

Year-over-year change: -6.7%

Source: Realtor.com

5. Oklahoma City

^{Oklahoma City, Oklahoma. Marcus Elwell/Getty Images via BI}

Median listing price: $315,000

Year-over-year change: -7.3%

Source: Realtor.com

6. Austin

^{Austin, the capital of Texas and home to the University of Texas, has emerged as a promising tech hub as companies like Tesla and Google relocate their headquarters to the metro. Peter Tsai/Getty Images via BI}

Median listing price: $525,000

Year-over-year change: -7.6%

Source: Realtor.com

7. San Francisco

^{San Francisco. Alexandr Spatari/Getty Images via BI}

Median listing price: $969,000

Year-over-year change: -7.7%

Source: Realtor.com

8. Kansas City, Missouri

^{Eddie Brady/Getty Images via BI}

Median listing price: $398,500

Year-over-year change: -8.5%

Source: Realtor.com

9. San Diego

^{San Diego. Ron Thomas and Patty Thomas/Getty Images via BI}

Median listing price: $999,000

Year-over-year change: -9.1%

Source: Realtor.com

10. Miami

^{Aerial view of Miami, Florida, where The Connor Group has properties. Cliff Hawkins - FIFA/Getty Images via BI}

Median listing price: $530,000

Year-over-year change: -11.7%

Source: Realtor.com