The housing market slowdown is in full force on the West Coast, as high mortgage rates and layoffs in the tech industry weigh on home sales.
According to a new report from Redfin RDFN , the housing markets that are slowing the fastest include big cities on the West Coast, such as Seattle and San Jose, as well as pandemic boomtowns like Austin and Phoenix. And in pandemic boomtowns, popular among remote workers amid the coronavirus pandemic, are also seeing a dip in interest.
“Austin is a victim of its own popularity,” Redfin said. “The surge of affluent homebuyers pushed up local home prices, and the subsequent rise in mortgage rates priced out even more local residents.” — Redfin report Second and third on the list are Seattle and Phoenix. Las Vegas, San Jose, and Oakland all feature in the top 10.