OAKLAND, CA. – four cities of California topped a national list of the fastest-cooling housing markets.
Oakland, San Jose, Sacramento and San Diego made the top 10 of housing markets easing, amid rising interest rates and a slowing stock market, according to Redfin.
The report ranked the 100 most populous U.S. cities from February 2022 to August 2022, measuring price, price drops, supply, pending sales, sale-to-list ratio, and speed of home sales.
The 10 markets that cooled the fastest were almost all either West Coast markets that have long been expensive or places that have become significantly less affordable during the pandemic.
Seattle and Las Vegas top the list, followed by San Jose, San Diego, Sacramento, Denver, CO, Phoenix, AZ, Oakland, North Port, FL and Tacoma, WA.
“These are all places where homebuyers are feeling very strongly about rising house prices, rising mortgage rates and inflation. They are slowing partly because so many people have been overpriced and partly because last year’s record rates have made them unsustainably hot,” said Redfin chief economist Daryl Fairweather. “The good news is that the downturn is dampening competition and giving those who can still afford ‘buy more bargaining power.’