Home News 10 U.S. cities where housing markets are cooling the fastest

10 U.S. cities where housing markets are cooling the fastest

by admin
0 comment

The housing market is currently in flux. high mortgage interest rates, sustained inflationand according to economic uncertainty, Redfin’s 2022 Report.

A tech-powered real estate broker ranked the 100 most populous metropolitan areas in the United States using the following metrics:

  • price
  • price drop
  • supply
  • pending sale
  • list sales rate
  • home sales speed

According to the study, the most rapid market cooling from February 2022 to August 2022 was almost exclusively on the West Coast.

No. 1 City with Fastest Cooling Housing Market: Seattle, Washington

Top 10 cities where housing markets will cool fastest in 2022

  1. Seattle, Washington
  2. Las Vegas, Nevada
  3. San Jose, California
  4. San Diego, California
  5. Sacramento, CA and Denver, CO (tie)
  6. Phoenix, Arizona
  7. oakland, california
  8. northport, florida
  9. Tacoma, Washington

Las Vegas, Nevada ranked second on the list. Home prices in August fell 3% from the previous month, and homes sold within the two weeks were down about 26% from a year earlier.

Third place is San Jose, Calif., where the housing market is probably cooling, according to a Redfin report. Fed rate hike Rising mortgage rates have made it more difficult to afford a home there.

“These are all places where homebuyers are feeling the pain of rising house prices, rising mortgage rates and very steep inflation, partly because so many people have cut prices that Homebuyers are slowing, in part because last year’s record-low interest rates made them unsustainable heat,” said Redfin’s chief economist. Darryl Fairweather stated in the report.

“The good news is that the economic slowdown is reducing competition and giving bargaining power to those who can still afford it.”

Sign up now: Get smart about money and your career with our weekly newsletter

Do not miss it:

These are the top 5 most expensive states to buy a home in 2022

These are the 10 cheapest states to buy a home in 2022. Florida isn’t one of them.

You may also like