India, April 24 -- Home prices are declining in 60 of the 300 largest U.S. metropolitan areas, up from 42 in February and 31 in January, per ResiClub's latest analysis. While tight inventory fuels price growth in the Northeast and Midwest, increased supply in states like Arizona, Texas, Florida, and Louisiana is driving slight price drops in many markets.

The YoY declines are evident in major metropolitan cities such as Austin (-4.6%); Tampa (-4.5%); San Antonio (-2.7%); Phoenix (-2.5%); Dallas (-2.4%); Jacksonville(-2.3%); Orlando (-2.2%); New Orleans (-1.9%); Atlanta (-1.8%); and Miami (-1.5%).

Homebuyers are now gaining an edge in markets experiencing the most price softness - largely concentrated in the Sun Belt, especially the Gulf...