Source: The Hill —
The real estate market is cooling fastest primarily among West Coast cities already hit by the lingering affordability crisis, with Seattle leading the way, according to a new analysis.
An analysis from the real estate firm Redfin ranked the nation’s 100 most populous metros along numerous metrics, including prices, price drops and supply, between February and August 2022 to measure how fast their housing markets are cooling.
“These are all places where homebuyers are feeling the sting of rising home prices, higher mortgage rates and inflation very sharply. 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 said in a media release.
“The good news is that the slowdown is dampening competition and giving those who can still afford to buy more negotiating power,” Fairweather added.