According to a report from Bloomberg, the real estate housing market in Seattle has slowed more than any other in the country, and most of the homes for sale are affordable.
The 10 fastest-cooling markets are almost entirely in the western states, led by Seattle and Las Vegas.
According to a report by real estate company Redfin, which looked at several metrics including prices and price drops, the supply of homes for sale is still high.
The housing market has slowed dramatically. Housing market prices declined with double-digit drops in prices and sales volume compared to the previous year. This is a drastic change from the record price hikes seen during the pandemic housing boom amid remote work—and a race for space.
Home Prices Fell for the First Time
U.S. home prices fell 0.77 percent from June to July, for the first monthly decline in nearly three years, according to preliminary July home sales data from Black Knight, a mortgage analytics firm.The apparently mild drop in prices is the largest single-month decline in prices since January 2011.
