A tech-powered real estate broker ranked the 100 most populous metropolitan areas in the United States using the following metrics:
- price drop
- 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.
Seattle’s housing market is cooling faster than any other in the nation, according to a Redfin report.
Homebuyer demand and competition are declining in Washington cities. About 34% fewer homes were sold in the last two weeks in August than in the previous year.
Home prices have also fallen, with typical property selling prices in August 2% lower than they were a month ago.
These stats show that Seattle buyers have more choice and are taking longer to sell their homes.
Tacoma, about 35 miles south of Seattle, is also one of the top 10 fastest cooling markets.
“With mortgage rates double what they were a year ago, many sellers are unable to get the prices they want because buyers do not want to compete with other offers,” said a Seattle Redfin agent. David Palmer said in the report.
“This means fewer sellers listing their homes and fewer buyers making offers for homes on the market.”
- Seattle, Washington
- Las Vegas, Nevada
- San Jose, California
- San Diego, California
- Sacramento, CA and Denver, CO (tie)
- Phoenix, Arizona
- oakland, california
- northport, florida
- 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.”
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