The number of closed transactions is dropping fast in these markets.
Chris Kissell • June 23, 2022 • Advertising Disclosure
The housing market is cooling from coast to coast. As mortgage rates rise, many potential homebuyers are being squeezed out of the market, no longer able to afford the higher costs.
Now that more folks are throwing in the towel on owning a new home, prices are drifting lower and — in some markets — sales are declining precipitously.
Recently, RE/MAX issued its National Housing Report for May, noting that sales were down year-over-year in the 51 metro areas it surveys. Inventory levels also grew for a second straight month.
In the following markets, the number of closed transactions dropped at least 16% year-over-year.
Year-over-year decline in closed transactions from May 2021 to May 2022: From 10,391 to 8,673 — 16.5%
Year-over-year decline in closed transactions from May 2021 to May 2022: From 410 to 332 — 19%
Year-over-year decline in closed transactions from May 2021 to May 2022: From 3,591 to 2,858 — 20.4%
Year-over-year decline in closed transactions from May 2021 to May 2022: From 11,392 to 8,835 — 22.4%
Year-over-year decline in closed transactions from May 2021 to May 2022: From 9,991 to 7,553 — 24.4%
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.
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