{"id":8631,"date":"2022-09-23T23:59:06","date_gmt":"2022-09-23T17:59:06","guid":{"rendered":"https:\/\/www.bnc24.com\/en\/?p=8631"},"modified":"2022-09-23T23:59:06","modified_gmt":"2022-09-23T17:59:06","slug":"these-us-housing-markets-are-slowing-more-than-anywhere-else","status":"publish","type":"post","link":"https:\/\/www.bnc24.com\/en\/world\/2022\/09\/23\/news\/8631\/","title":{"rendered":"These US housing markets are slowing more than anywhere else"},"content":{"rendered":"
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Mortgage rates are much higher than they were even earlier this year.<\/figcaption><\/figure>\n

WASHINGTON, Broadcasting news corporation : Overheated housing hotspots on the West Coast are cooling down more rapidly than any others in the country as higher mortgage rates drive a nationwide price correction, according to an analysis conducted by real estate firm Redfin. Of the 100 most populous US metro areas, Seattle\u2019s housing market cooled the most from February through August of this year \u2013 a period in which mortgage rates surged. Las Vegas ranked second on the list of steepest slowdowns, followed by San Jose, Calif. Nine of the top 10 cities with the dubious distinction were located in the western half of the country, including four within California. North Port, Fla., was the only East Coast market near the top of the list. \u201cThese are all places where homebuyers are feeling the sting of rising home prices, higher mortgage rates and inflation very sharply. They\u2019re slowing down partly because so many people have been priced out and partly because last year\u2019s record-low rates made them unsustainably hot,\u201d said Redfin Chief Economist Daryl Fairweather.
\n\u201cThe good news is that the slowdown is dampening competition and giving those who can still afford to buy more negotiating power,\u201d he added. Redfin based its rankings on calculations related to the year-over-year changes in home prices, price declines, housing inventory levels, pending home sales, sale-to-list ratios and the share of homes that went off the market within two weeks, the firm said. Mortgage rates have skyrocketed since January as the Federal Reserve moves forward with interest rate hikes that make it more expensive to borrow money. A 30-year fixed-rate mortgage was 6.29% as of this week, up by more than 3.40% compared to one year ago. The median home price in Seattle is a whopping $775,000 \u2013 meaning the typical monthly mortgage payment is $4,400. That\u2019s more than $1,000 per month more than went rates were closer to 3% at the start of the year. \u201cA lot of sellers aren\u2019t able to get the price they want because buyers don\u2019t want to compete with other offers when mortgage rates are double what they were a year ago,\u201d said Seattle Redfin agent David Palmer. \u201cThat means there are fewer sellers listing their homes and fewer buyers making offers on the ones that do hit the market.\u201d The firm noted that many cities on the list, including Las Vegas, Phoenix, Sacramento and North Port \u2013 were \u201crelocation hotspots\u201d during pandemic-era shift toward remote work. As monetary policy tightens and more companies return to the office, those markets are cooling fast. Additionally, cities with large populations of tech workers are seeing less demand because worker compensation is often tied to stocks \u2013 nearly all of which are down considerably in recent months. A growing number of analysts are warning of a housing correction. This week, Pantheon economist Ian Shepherdson said home prices could fall by 20% by the middle of next year as the market resets. NEWS COLLECTED FROM NEW YORK POST.<\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON, Broadcasting news corporation : Overheated housing hotspots on the West Coast are cooling down more rapidly than any others in the country as higher mortgage rates drive a nationwide price correction, according to an analysis conducted by real estate firm Redfin. Of the 100 most populous US metro areas, Seattle\u2019s housing market cooled the …<\/p>\n","protected":false},"author":2,"featured_media":8632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-8631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/posts\/8631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/comments?post=8631"}],"version-history":[{"count":1,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/posts\/8631\/revisions"}],"predecessor-version":[{"id":8633,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/posts\/8631\/revisions\/8633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/media\/8632"}],"wp:attachment":[{"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/media?parent=8631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/categories?post=8631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/tags?post=8631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}