Housing markets in tech hubs and pandemic-migration hotspots are cooling faster than other parts of the United States amid a wave of layoffs in the technology sector and elevated mortgage rates, according to real estate broker Redfin Corp’s report on Monday.
Redfin round out the top 10 metropolitan areas that cooled the fastest based on how quickly measures of home-buying demand and competition cooled between February 2022 and February 2023.
Austin, Seattle, San Jose, and Phoenix are among the metros most affected by the slowdown as high mortgage rates, turmoil in the tech sector, and unavailability of homes deter buyers, the report said….