Hottest housing markets hit headwinds

RAIN STORMBy Nick Timiraos | The Wall Street Journal

Some of the nation’s hottest housing markets over the past year are cooling off as buyers balk at paying higher prices while faced with rising mortgage rates, according to a Wall Street Journal survey of market conditions.

In a number of cities across California, Arizona and Nevada—where price gains have been especially strong in the past year—sales are slowing and supply is rising.

Where Housing Is Headed

Inventories have stopped falling in more markets after sharp, steady declines. Meanwhile, demand has softened amid higher prices and interest rates. But the supply of homes remains low in many markets given the recent pace of sales.

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