OAKLAND, Calif. - Four cities in California topped a national list of housing markets that are cooling the fastest.
Oakland, San Jose, Sacramento and San Diego made the top 10 list of housing markets that are chilling out, amid rising interest rates and a slowing stock market, according to Redfin.
The report ranked the 100 most populous U.S. cities from Feb. 2022 to Aug. 2022, measuring prices, price drops, supply, pending sales, sale-to-list ratio and speed of home sales.
The 10 markets cooling fastest were almost all either west coast markets that have long been expensive, or places that became significantly less affordable during the pandemic.
Seattle and Las Vegas topped 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 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," said Redfin Chief Economist Daryl Fairweather. "The good news is that the slowdown is dampening competition and giving those who can still afford to buy more negotiating power."