Search
Wednesday, December 07, 2022

US cities where the real estate market is “cooling down”

US cities where the real estate market is "cooling down"

The housing market is going through tough times right now amid high mortgage rates, rising inflation and economic uncertainty. What follows is the report of Redfin, specializing in real estate, for this 2022.

Redfin used the following parameters for the following investigations:

prices

the price falls

supply

pending sale

sell to inventory ratio

home sales speed

The company found that, out of 100 cities, the markets that cooled the most were located on the West Coast of the United States.

The first city to lead the “cold” housing market list is Seattle, WA. According to Redfin, “Seattle’s real estate market is cooling off faster than any other in the country,” reports cnbc.com.

“The demand and competition for homebuyers in the city of Washington state has decreased. About 34% fewer homes were sold in two weeks in August than a year earlier.

That is, according to statistics, buyers in Seattle take longer to choose and properties, as a result, take longer to sell.

Seattle Y Tacoma

Tacoma is followed by Seattle, about 35 miles to the south. The region ranks second on the list with the “fastest cooling market”.

“Many sellers can’t get the price they want because buyers don’t want to compete with other offers when mortgage rates are twice as high as a year ago,” said David Palmer, broker at Seattle Redfin, in the report.

“That means fewer sellers are listing their homes and fewer buyers are bidding on those in the market.”

These are the 10 cities in the United States where the housing market is going to cool off in 2022:

Seattle, WA

Vegas, Nevada

San Jose, California

San Diego, California

Sacramento and Denver

Phoenix, Arizona

Oakland, CA

North Harbor, Florida

Tacoma, Washington

To read the full report, click here.

World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.

Latest News

Related Stories

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Thanks for submitting your comment!