Home News These are the 10 fastest-cooling real estate markets in the US – The Hill

These are the 10 fastest-cooling real estate markets in the US – The Hill

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  • An analysis by real estate firm Redfin ranks the nation’s 100 most populous metropolitan cities along a variety of metrics, including price, markdowns and supply, from February to August 2022, showing the impact of a cooling housing market. I measured my speed.

  • The fastest cooling market is Seattle.

  • In Seattle, nearly 34% fewer homes were sold in the first two weeks of August than a year ago, but the average August home sale price was 5% higher than a year ago.

Real estate markets have cooled most rapidly, primarily in cities on the West Coast, already suffering from a protracted affordability crisis, with Seattle leading the way, according to a new analysis.

analysis To gauge how quickly the housing market cools between February and August 2022, real estate firm Redfin surveyed the nation’s most populous major cities along a number of indicators including price, markdowns and supply. Ranked the top 100 cities.

“These are all places where homebuyers are feeling the pain of rising home prices, higher mortgage rates, and rapid inflation. partly because last year’s record-low interest rates became unsustainably hot,” said Darryl Fairweather, Chief Economist at Redfin, in a media release.

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

In Seattle, nearly 34% fewer homes were sold in the first two weeks of August than a year ago, but the average August home sale price was 5% higher than a year ago. That compares to his February year-over-year increase of 23%, according to the analysis.

Soaring mortgage rates, which topped 6% this month, have also contributed to a sharp cooling in the Seattle market. According to Redfin, the monthly mortgage payment for an average-priced home in Seattle is over $4,400 at his 6% mortgage rate today, up from $3,300 earlier this year. increase.

of federal reserve Raised benchmark rate on Wednesday – fifth time since March.this is make home buying more expensive.

Las Vegas followed Seattle in the rankings, with its price per square foot (PPSF) down 14.5% year-over-year. His August median selling price in Las Vegas was $416,000, down 3% from July.

“The housing market has changed rapidly in favor of buyers,” said Tzahi Arbeli, a Redfin agent in Las Vegas. “Not only have prices fallen in recent months, sellers have seen the market cool and are becoming more open to negotiating prices, making concessions and paying closing costs.

Real estate firms noted that some of the fastest-cooling markets like Las Vegas and Sacramento have become relocation hotspots, with remote workers moving to escape more expensive markets. . This has led to a significant increase in housing prices.

Three California cities—San Jose, San Diego, and Sacramento—round out Redfin’s top five fastest-cooled housing markets.

Typical home prices in Sacramento have risen 33% since the pandemic began, from $430,000 to $570,000.

Here are the 10 fastest cooling housing markets in the US

1. Seattle

2. Las Vegas

3. San Jose

4. San Diego

5. Ties: Sacramento and Denver

7. Phoenix

8. Auckland

9. Northport, Florida

10. Tacoma, Washington

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