Source: CNBC —
After the frenzy of bidding wars, the U.S. housing market is starting to cool, particularly along the West Coast, as mortgage interest rates rise. That’s forcing some sellers to adjust.
“Sellers have to be more realistic,” said Bill Kowalczuk, real estate broker at Coldwell Banker Warburg.
Several Western markets are cooling fastest, with San Jose, California, topping the list, according to a new Redfin analysis based on median sales prices, inventory changes and other housing data from February to May.
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