10 U.S. cities where housing markets are cooling the fastest—and only one is in Florida

The lodging marketplace is successful flux close now, acknowledgment to high owe rates, persistent inflation, and economical uncertainty, according to Redfin's 2022 report.

The technology-powered existent property brokerage ranked 100 of the astir populous metropolitan areas successful the United States utilizing the pursuing metrics:

• prices
• price drops
• supply
• pending sales
• sale-to-list ratio
• speed of location sales

The survey recovered that the markets cooling disconnected the fastest from February 2022 to August 2022 were astir each connected the West Coast.

According to Redfin's report, Seattle's lodging marketplace is cooling disconnected faster than immoderate different successful the country.

Homebuyer request and contention are down successful the Washington authorities city. About 34% less homes sold wrong 2 weeks successful August than a twelvemonth earlier.

Home prices are besides falling, with the emblematic spot selling for 2% little successful August than a period earlier.

These stats bespeak that Seattle buyers person much to take from, and homes are taking longer to sell.

Tacoma, astir 35 miles southbound of Seattle, is besides among the apical 10 markets cooling fastest.

"A batch of sellers aren't capable to get the terms they privation due to the fact that buyers don't privation to vie with different offers erstwhile owe rates are treble what they were a twelvemonth ago," Seattle Redfin agent David Palmer said successful the report.

"That means determination are less sellers listing their homes and less buyers making offers connected the ones that bash deed the market."

1. Seattle, WA
2. Las Vegas, NV
3. San Jose, CA
4. San Diego, CA
5. Sacramento, CA and Denver, CO (tie)
6. --
7. Phoenix, AZ
8. Oakland, CA
9. North Port, FL
10. Tacoma, WA

Las Vegas, Nevada ranked 2nd connected the database — location prices successful the metropolis were down 3% successful August from the period earlier and astir 26% less homes sold wrong 2 weeks than a twelvemonth earlier.

Coming successful 3rd is San Jose, CA, wherever according to Redfin's report, the lodging marketplace has apt cooled disconnected due to the fact that the Fed's complaint hikes and rising owe rates person made it much hard to spend a location there.

"These are each places wherever homebuyers are feeling the sting of rising location prices, higher owe rates, and ostentation precise sharply. They're slowing down partially due to the fact that truthful galore radical person been priced retired and partially due to the fact that past year's record-low rates made them unsustainably hot," Redfin Chief Economist Daryl Fairweather stated successful the report.

"The bully quality is that the slowdown is dampening competition and giving those who tin inactive spend to bargain much negotiating power."

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