The U.S. housing market is cooking, led by cities in Northern California. Five of the top 10 stalling markets are San Jose, Sacramento, Oakland, Seattle, Wash., and Stockton, Calif.
The downward momentum is due to higher interest rates and the rocky stock market. The average number of attendees at open houses had declined by 90 percent during the past month, according to research by Redfin.
As a result, many homes are selling below asking prices, a big change from the past six months.
Fastest-cooling housing markets
The rankings were based on these factors:
- Price growth
- Price cuts
- Inventory on market
- Pending sales
- Ratio of sales to list
- Time on market
In contrast, markets in the Northeast U.S. and Midwest are cooling at a much slower pace, and the supply of homes remains low. These areas had appreciated at a much slower rate over the past year, so they didn’t have as far to fall. Also, the higher mortgage interest rates don’t have the same impact on the cheaper homes in the east and midwest.
Slowest cooling housing markets
