Chart via Redfin<\/a><\/p><\/div>\nAlthough higher interest rates and unpredictable economic conditions are making it more difficult for some buyers to purchase a property these days, such factors tend to balance out housing markets, meaning more negotiation power and lower prices.<\/p>\n
\u201cThe housing market has changed very quickly in buyers\u2019 favor,\u201d said Las Vegas Redfin agent Tzahi Arbel in the report. \u201cNot only have prices fallen in recent months, but sellers see the market cooling and they\u2019re more open to negotiating prices, giving concessions and paying closing costs. They may accept an offer that\u2019s $20,000 below asking price and pay for repairs the buyer found during an inspection.\u201d<\/p>\n
Seattle is the fastest-cooling market nationwide<\/h3>\n
Compared to other metros, the Seattle housing market is pumping the breaks the hardest.<\/p>\n
The Seattle market is slowing faster than any other housing market in the country, according to Redfin. The metro\u2019s change in inventory increased 114.1 points year-over-year, while the change in pending sales decreased 22.5 points. Approximately 34% fewer Seattle homes sold within two weeks in August than the previous year, Redfin stated, a meaningful change from the 7% increase reported in February.<\/p>\n
Other high-priced West Coast metros such as San Jose, Oakland and San Diego placed within the top ten rankings on Redfin\u2019s list.<\/p>\n
\u201cThese are all places where homebuyers are feeling the sting of rising home prices, higher mortgage rates and inflation very sharply,\u201d said Redfin Chief Economist Daryl Fairweather in the report.<\/p>\n
\u201cThey\u2019re slowing down partly because so many people have been priced out and partly because last year\u2019s record-low rates made them unsustainably hot. The good news is that the slowdown is dampening competition and giving those who can still afford to buy more negotiating power,\u201d he added.<\/p>\n
![\"A](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/09\/cooling-markets-redfin.jpg\")
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