The tide has turned as housing markets in tech hubs and pandemic migration hot spots are cooling more rapidly than other parts of the country as the tech sector falters and mortgage rates remain elevated, according to a recent survey.
The Redfin analysis found that Austin, Texas cooled the fastest over the last year as the housing market descended from its pandemic-era boom. The Fed started hiking interest rates to combat inflation, leading to an increase in mortgage rates a year ago. Austin is followed by Seattle; Phoenix; Tacoma, Washington; and Denver. Las Vegas, Stockton, California; San Jose, California; Sacramento and Oakland, California round out the top 10.
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