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.
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All real estate is local. All markets are experiencing the Biden Bankrupt America agenda. Jerome Powell is leading the pack by raising interest rates that may approach the Jimmy Carter fiasco at 18%. Build Back Bankrupt Biden already crucified Americans with his shut-down of oil, gas and coal so that energy prices soared which caused truckers and shippers to raise their prices to deliver food and goods. Hence – the economic recession we are in. Every local market is seeing price reductions. Bidding wars are over and that’s why prices soared for a couple of years.
The only reason they are saying it is cooling is because Biden wants the market to collapse. To see a city in Fl on that list is a laugh. Florida is not part of the loser. Blue states will go low, but not RED states. In the middle of a Carter disaster, I did well. Sold a home for more per sq. ft than we bought our next home, as I am a real estate pro. No matter where you are in Fl you can buy and sell well if you are in any way savvy.