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The phrase "are falling fast" is correct and usable in written English.
It can be used to describe something that is decreasing rapidly, such as prices, temperatures, or even emotions.
Example: "The temperatures are falling fast as winter approaches, prompting everyone to bundle up."
Alternatives: "are dropping quickly" or "are declining rapidly."
Exact(58)
Land prices are falling fast, too.
The reason: deficit projections are falling fast.
And advertising revenues are falling fast.
Reservoirs have sunk to half capacity and are falling fast.
Costs are rising and revenues are falling fast.
East title the last four seasons, are falling fast.
Germany's numbers are falling fast to their great consternation.
And advertising revenues across the media are falling fast.
Government-bond yields are falling fast, as banks that still have cash seek safety.
Similar(2)
Even though prices are falling, many incomes are falling faster.
"Emissions are falling faster than could have been imagined," she said.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com