The U.S. housing market is going to be the coolest it’s been in years, according to Realtor.com. The trend is national, and many prominent housing markets are showing signs of the impact. While the supply of homes for sale is rising, there are fewer people who can afford to buy them. That means springtime, which is typically a busy period for selling homes in most areas, could be much slower this year.
The slowing of the housing market is noticeable when you look at inventory — the supply of available homes — compared with last year. For example, in Seattle, the number of homes for sale in January 2018 was only 492, according to Redfin. A year later, the number had shot up to 1,217 homes for sale. San Diego saw a large increase, too, from 1,736 homes for sale in Jan. 2018, up to 2,593 available homes in January 2019.
Housing Markets With Biggest Price Cuts
Prices have been slashed in a number of housing markets as a result of affordability issues; the trend is happening on both a state-level and city-level. For example, Nevada has seen a massive increase — 11.77 percent — in the percentage of listings with price cuts within the last year; in January 2018, around 10 percent of homes had price cuts, but in 2019, that number had shot up to nearly 22 percent.
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