By Builder
Several California metros and pandemic-era beneficiaries are cooling the fastest as rising mortgage rates are contributing to more cautious buyer activity, according to analysis by financial technology company SmartAsset. In an analysis of the 100 largest metros in the United States, SmartAsset found the housing market in Boise, Idaho, is cooling the fastest.
According to SmartAsset, Boise has the sixth-lowest ratio of number of sold houses to new listings (0.49) of metros analyzed, meaning almost twice as many houses are being listed relative to houses that are sold. In Boise, the median days a house sits on the market is 20, a 186% increase compared with 2021.
Austin, Texas, and Phoenix are the second- and third-fastest cooling metros, according to SmartAsset. Austin has experienced the fourth-largest decrease in demand and 13th-largest price reductions compared with a year ago and currently has an identical ratio of sold houses to new listings as Boise. Phoenix has the fifth-highest percentage of house listings with a price cut in the United States (39.61%), and the number of houses sold in a month has declined more than 41% between August 2021 and August 2022, according to SmartAsset.
