Metro Phoenix ranks No. 3 among most cooled down housing markets

By: AZ Big Media 

New home buyers are becoming more cautious. Rising mortgage rates and declining home sales have signaled the end of a hot housing market that has plagued buyers for over a year. According to the Census Bureau, home sales are down almost 18% since January 2022. However, some areas have cooled more than others. So, which housing markets have cooled down the most?

To uncover where housing markets are cooling off most, SmartAsset analyzed the 100 largest metro areas, 92 of which had complete data. We compared places across a total of eight metrics, split into two categories: price reduction and decreased demand. For details on our data sources and how we put all the information together to create our final rankings, read the Data and Methodology section below. But the analysis showed Metro Phoenix ranks No. 3 among the most cooled down housing markets.

Key Findings

California metro areas are cooling off the most. Three California metro areas rank in the top 10 for our study. In these areas, homes are staying on the market longer relative to a year ago – nearly double the amount of time. Moreover, all three areas have seen over a 33% decrease in the number of houses sold monthly from August 2021 to August 2022.

The share of listings with price cuts is up 10% from a year ago. Nationally, about 16% of home listings had a price cut in August 2021. Comparatively, that figure is now almost 26%.

Homes are on the market for less than 10 days in 36 metro areas. Last year, 67 metro areas fell into that category. Nationally, the average time on the market for a home listing currently stands at 13 days.

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