As remote work continues to attract Americans to the suburbs, prices in cities are falling quickly from their peak as the overall housing market cools amid rapidly rising mortgage rates
As home prices fall fastest in cities and mortgage rates rise, "the value of a square foot in the suburbs has caught up with that of urban centers," in September for the first time, according to a new report from Redfin.
But by just a buck. The typical home in suburban neighborhoods nationwide was worth $206 per square foot during the four weeks ending Sept. 25, just slightly higher than $205 in urban neighborhoods," Redfin said.
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