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Homes in some of America’s fastest-cooling markets are spending twice as long on the market and selling half as fast as new listings come online, according to an analysis by SmartAsset.
The financial tech company crunched data from Zillow and identified some of the places where prices are falling the fastest and sales are dwindling the most.
SmartAsset looked at the 100 largest U.S. metro areas for its report, and there was enough data to pull together a ranking for 92 of those places, the report said.
The ranking considers the share of listings with a price cut, the size of a typical price cut, the number of houses sold per new listing that comes on the market, the time the typical home spends on the market and how each of these metrics has changed over the last year.
Here are the metro areas that have seen the biggest housing slowdowns over the past 12 months, according to the ranking approach.
1. Boise
Boise, Idaho | Alden Skeie on Unsplash
In an entry that will surprise few who have been following the pandemic housing market, Boise tops the list for fastest-cooling markets in the U.S.
Once the site of some of the hottest home-price growth in the country, sales activity there has been slowing swiftly.
Homes in Boise are sitting on the market nearly three times as long as they were this time last year — 20 days is now the typical length. And for every home that has sold recently, two new listings are coming on the market.
2. Austin
Austin, Texas | MJ Tangonan on Unsplash
The greater Austin area housing market — another pandemic-era hotspot — is also in the process of backpedaling and quickly.
This market has seen the fourth-largest contraction of demand in the nation and the second-longest median time on the market for home listings at 27 days.
Like Boise, this burgeoning Texas tech hub has half as many home sales lately as new listings coming online. And of all the nation’s cities, it’s had the 13th-largest price reductions.
3. Phoenix
Phoenix, Arizona | Colin Lloyd on Unsplash
Phoenix is yet another market veering back down after experiencing a runup in prices and home activity during the first two years of the pandemic.
Nearly 2 in 5 home listings in the Phoenix area saw a price in August, according to the analysis. That’s the fifth-highest share in the nation and more than double this metro’s percentage from a year ago.
Meanwhile, home sales in Phoenix have dropped by more than 40 percent over the past year.
4. San Jose
Silicon Valley, California | Carles Rabada on Unsplash
Like its big-tech sibling city in Austin, the greater Silicon Valley area is noted for some of the biggest price reductions and lowest demand in the nation.
Most houses are sitting on the market in San Jose for 19 days or longer, which is the eighth-longest span among U.S. cities in the analysis. A year earlier, the typical home was only on the market for 10 days there.
Home sales are down 43 percent and more than 1 in 4 listings have seen a price reduction.
It wasn’t the only California city to record steep declines in housing activity. San Diego and Stockton also made the Top 10 list.
5. Las Vegas
Las Vegas, Nevada | Ameer Basheer on Unsplash
Perhaps no market in the U.S. has seen a heavier drop in home demand than Las Vegas, at least according to SmartAsset’s analysis.
The broader area around the Nevada tourist destination has seen the number of home sales plummet by 44 percent.
Twice as many new listings come online here as the number of recent sales.
