As the Housing Market Inches Toward Recession, These Metros Are Cooling Fastest
After years of record-high home prices and speedy sales, homebuyer demand is falling the fastest in these popular metro areas
Oct. 5, 2022
Image: Stock.adobe.com
As a red-hot housing market comes to a close, home sales are plummeting in a number of regional markets across the country, but not all are seeing an equal drop in buyer demand. Boise, ID was a homebuying hotspot throughout the pandemic, but it’s now cooling at the fastest clip relative to the 100 largest metro areas surveyed by SmartAsset. Boise homes are spending a median 20 days on the market, a figure almost 186% higher than one year ago.
California is home to three of the top 10 markets cooling the fastest, all of which are seeing over a 33% decrease in the number of houses sold monthly from August 2021 to August 2022, SmartAsset reports.
San Jose-Sunnyvale-Santa Clara, California ranks in the top 10 for both larger price reductions and lower demand. Houses are on the market for roughly 19 days (eighth-highest), which is a 90% increase since exactly one-year ago (18th-highest). There has also been a 43.17% decrease in the number of houses sold and 26.81% of current listings have a price cut.
