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Housing market is crashing down to reality in the West

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Again, the Mountain West regional housing market is one of the markets seeing the largest share of homes being sold at reduced price tags.

The price reduction is The West real estate market continues to plummet After more than two years of runaway price increases, boosted by a pandemic-induced housing frenzy. days of rapid increase in demand supported by new remote work opportunitiesinterest rates sometimes below 3%, and new family tree finished- crushed by mortgage rates that Recently crossed the 7% threshold As Federal Reserve continues to fight record inflation.

Just as the West was the zero point for soaring house prices, pandemic housing rushwhich is currently the zero point of the most abrupt price correction.

Here are the latest findings, according to: redfin A report released this week ranks 93 metropolitan areas with a population of 750,000 or more.

Price reductions on homes for sale

Boise, Idaho It was once again the leading metro in Redfin’s rankings, with the largest share of homes for sale that fell in price in October. More than two-thirds (68.7%) saw a price reduction. This is a larger percentage than any other metro Redfin has analyzed.

Earlier this summer, when house prices began to slowly decline from their spring peaks, Boise maintained the same ranking with a 70% share.

Next is another Mountain West Metro. Denver saw his 56.8% share of homes for sale that fell in price, while Indianapolis and Salt Lake City both had 54.7%, according to Redfin’s analysis. Tacoma, Washington ranked him fifth with a 52.5% share.

A “For Sale” sign on a Cottonwood Heights home taken on April 15, 2022.

Jeffrey D. Allred, Deseret News

Home sales collapse is real

Like Idaho, Utah’s housing market has been on fire during the pandemic’s housing frenzy. Today, the Salt Lake City metropolitan area is experiencing significantly less sales activity than it was a year ago.

Of 93 metropolitan areas, Redfin’s analysis shows Salt Lake City leads the nation as the metropolitan area with the largest decline in the number of homes for sale, and ranks among the top five for the largest decline in pending home sales. entered.

According to Redfin, the number of homes sold in Salt Lake City fell 47.6% year-over-year in October. Stockton, California was second with -45.4%, and Cape Coral, Florida was second with -45.3%. Las Vegas ranked him fourth with -43.7%, and San Diego rounded out the top five with -41.5%.

Allentown, Pennsylvania saw the biggest decline in pending home sales, down 54.9% year-over-year. Next were Greensboro, North Carolina (-50.4%), Honolulu, Hawaii (-47.3%), Salt Lake City (-46%) and Jacksonville, Florida (-45.9%).

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