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These ten cities across the United States are experiencing the most rapid declines in home prices, with only one of them located in the state of Florida.
Redfin’s 2022 report says that the housing market is in flux right now due to things like high mortgage rates, persistent inflation, and economic uncertainty.
The technology-driven real estate brokerage in the United States ranked the 100 cities with the most people in the country based on the following criteria:
Price drops, pending sales, and the sale-to-list ratioHome sales speed, supply of available homes, price drops, and pending salesFrom February 2022 to August 2022, the temperature dropped the most in the markets on the West Coast, according to the results of the study.
The housing market in Seattle, Washington, is cooling off the fastest of any city in the United States.
According to a report by Redfin, the housing market in Seattle is contracting at a rate that is higher than that of any other city in the country.
In the city in the state of Washington, both the demand from homebuyers and the amount of competition have decreased. In August, there were approximately 34% fewer homes sold within the first two weeks of the month compared to the previous August.
Home prices are also going down; compared to a month ago, the average house sold for 2% less in August than it did the previous month.
According to these statistics, there is a greater selection available to purchasers in Seattle, and the sale of homes is taking significantly more time.
Tacoma, which is located approximately 50 kilometres south of Seattle, is one of the top 10 markets that are cooling the quickest.
In the report, a Seattle Redfin agent named David Palmer said that a lot of sellers aren’t able to get the price they want because buyers don’t want to compete with other offers when mortgage rates are double what they were a year ago. “A lot of sellers aren’t able to get the price they want because buyers don’t want to compete with other offers when mortgage rates are double what they were.”
This indicates that there are fewer sellers putting their properties up for sale and fewer buyers making offers on the properties that are put up for sale.
In the ten cities in which the housing markets are expected to cool off the most quickly in 2022,
The city of Las Vegas, Nevada, located in the state of Nevada, came in at number two on the list. Home prices in the city dropped by 3% in August compared to the previous month, and approximately 26% fewer homes were sold within two weeks than they did a year earlier.
The third place spot goes to San Jose, California, where, according to the report by Redfin, the housing market has likely cooled off as a result of the Federal Reserve’s rate hikes as well as rising mortgage rates, making it more difficult for people to afford a home there.
“Homebuyers in all of these areas are feeling the sting of rising home prices, higher mortgage rates, and very sharply rising inflation.” They’re slowing down partly because so many people have been priced out, and partly because last year’s record-low rates made them unsustainably hot, “Redfin Chief Economist Daryl Fairweather stated in the report. “They’re slowing down partly because so many people have been priced out.”
The good news is that the slowdown is reducing the amount of competition, which gives those people who can still afford to buy more negotiating power.
