-
These are the fastest cooling real estate markets in the U.S.
(NEXSTAR) – Amid rising mortgage rates and fears of a recession, the once-torrid real estate market has cooled dramatically in some U.S. cities. According to a study from Redfin, the top three and five of the top 10 are all located in California. San Jose, California, where the median sale price is $1,560,000, cooled the fastest from February 2022 to May 2022. Sacramento, California ($610,000); Oakland, California ($1,070,000); Seattle ($850,000); Stockton, California ($576,000); Boise ($550,000); Denver ($612,000); San Diego ($875,000); Tacoma, Washington ($575,000); and San Francisco ($1,620,000) round out the top 10, respectively. In Sacramento for example, the median price fell nearly 25%, year over year. Part of the reason…
-
Housing Market Warning as Prices Suddenly Fall in One U.S. City
Continuously rising house prices have sparked warnings of a looming crash in the real estate market, but one analysis has shown that a city with soaring prices is already seeing a dip in property values over the last month. Data last month from the Federal Housing Finance Agency (FHFA) showed that across the country, house prices rose in April by 1.6 percent, compared with the previous month. But year-on-year figures showed the real scope of runaway house prices and the squeeze put on first-time buyers. The FHFA said values spiked by nearly a fifth (18.8 percent) and over the last two years, up by more than a third (34 percent).…
