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15 Markets Where Home Sales Have Slowed

By Marc Rapport - Aug 17, 2022 at 9:10AM
People in front of a home that is for sale.

15 Markets Where Home Sales Have Slowed

Some of the hottest markets are now showing signs of cooling

The housing market has been on a terrific tear for quite some time now, with home sales in the United States doubling in the past 10 years to about six million units a year. But after interest rates quickly doubled from record lows and soaring prices sparked affordability issues for untold numbers of potential homeowners, the cooling has begun.

Here are some of our major and mid-size metros that may be seeing home sales slip the most. Along with sales data, we'll look at what Redfin (NASDAQ:RDFN) calls "stale" listings: those that have been listed for 30 days or more without going under contract. We'll also include only one market per state to provide some geographic diversity.

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A wide aerial view of Oakland, California.

1. Oakland, California

According to Redfin, 49.9% of this bayside city's homes have been on the market for more than 30 days, up 60.7% from a year ago. That's the biggest jump by nearly six percentage points. The big brokerage says 388 homes sold here in June, down from 476 in June 2020. But at a median sales price of just over $1 million, that's 10.1% over last year at this time.

ALSO READ: Home Sales Took a Nosedive. Here's What the Smartest Real Estate Investors Are Doing About It

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Columbus, Ohio, with homes in the foreground and skyline in the backgrpound.

2. Columbus, Ohio

This quintessential Midwest capital city's stale listings grew by 27% in June 2022 compared with June 2021, now representing 50.5% of the 1,540 homes listed for sale here. Meanwhile, Redfin data shows home prices are up 14.3% from last year, while the median sale price of $280,000 is 14% higher than a year ago.

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A saguaro cactus in the foreground and the Phoenix, Arizona, skyline far behind it.

3. Phoenix, Arizona

Phoenix was No. 2 on Redfin's stale list, with a 54.5% year-over-year jump to 60.1% of all listings in June. The Valley of the Sun has been near or topped the list in major metro housing markets by various measures for a while now, but home sales in June fell from 2,739 last year to 1,941 this year. The median sale price of $460,000 was still 21.1% higher than last year, Redfin says.

ALSO READ: Is the Great Housing Market Deceleration Here?

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An aerial, coastline view of Virginia Beach, Virginia.

4. Virginia Beach, Virginia

Redfin says 556 homes are listed for sale in this Hampton Roads town and that about 53% of those listings are at least 30 days old, a 26% jump from last June. Meanwhile, June sales were down about 21% year over year (YOY), but the median sales price rose nearly 8% YOY to about $350,000.

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The beautiful Texas state flag flying over Austin, Texas, skyline.

5. Austin, Texas

Another poster child for skyrocketing prices and sales, the Austin market has seen sales fall 25% YOY, according to Redfin, and the median sales price of $630,000 is only about 6% higher than last year at this time. In regular times, that would still be considered a healthy gain, of course. Meanwhile, there's been a 51% jump in stale listings YOY, too.

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View of Seattle with space needle and mountains in background.

6. Seattle, Washington

Redfin says 1,543 homes sold in Seattle last June, and that fell to 1,145 this June. Just over half of the listings have been on the market for 30 days or more, a jump of 41% over last year at this time. Seattle is still a pricy place, with a median price of $870,000 that's about 7% higher YOY.

ALSO READ: Selling Your Home? You'll Want to Hear This First

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Shot of downtown Philadelphia looking over the back of a statue of a person on a horse.

7. Philadelphia, Pennsylvania

Just over 80% of the listings in the City of Brotherly Love are older than 30 days, the most on Redfin's roster here. June home sales totaled 1,955, down about 9% YOY. But Philadelphia remains one of the more affordable major markets, with a median price of $289,000, up only 3.2% from June 2021.

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Welcome to Minnesota road sign.

8. Minneapolis, Minnesota

Redfin says 1,008 homes sold in the largest of the Twin Cities in June, down about 24% from last year at this time. The number of stale listings also grew by 32% in a year to nearly 56%. The median sale price in Minneapolis jumped 5.3% in a year, too, to $358,000.

ALSO READ: How to Start Investing in Real Estate: The Basics

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Denver, Colorado, skyline with mountains in the background.

9. Denver, Colorado

Those stale listings of a month old or older grew by 31% YOY in June to about 48% in the Mile High City. Prices were up by 12.5% YOY as well, to a median sales price of $620,000, Redfin says. However, total sales in Denver fell from 1,717 to 1,395 YOY.

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Road sign that says Welcome to Fabulous Las Vegas, Nevada.

10. Las Vegas, Nevada

This casino capital in the desert saw a 24% drop in YOY sales volume but a 22% gain in median price to $438,000. The percentage of listings considered stale by Redfin, meanwhile, jumped about 28% to 59% of the total listings. There's still a lot of real estate business going on in Las Vegas: Nearly 2,000 homes were sold here in June.

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A bridge and city buildings on the Jacksonville, Florida, coastline.

11. Jacksonville, Florida

The big Jacksonville market is the Sunshine State's entry in this listing. Redfin says about 59% of the 3,015 listings here are stale, up about 21% from June 2021. June sales, meanwhile, totaled 1,626, down about 19% from a year ago. And the median sales price of $315,200 is 19.2% more than the year-ago month.

ALSO READ: Housing Inventory (Finally) Rose in June. Should Sellers Be Worried About More Competition?

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A long shot of downtown Kansas City, Missouri.

12. Kansas City, Missouri

Kansas City data shows 60.2% of its listings are stale and that June sales were down nearly 14% from June 2021, Redfin says. Home prices, though, were up a healthy 16.8% to a median price of about $285,000. It should be noted that the percentage of stale listings was 20.1%, putting this Midwest metro about midway on Redfin's list by that metric.

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A jetliner lands in Charlotte, North Carolina, with a view of the uptown skyline.

13. Charlotte, North Carolina

The largest city in the Carolinas is near the bottom of Redfin's list of large metros' stale listings growth. Of its 2,484 listings at this writing, 53.6% fit that description, only 2.1% more than in June 2021. June sales in Charlotte were down nearly 11% from the year-ago month, but the median price was up 20% to about $420,000, Redfin's data shows.

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A row of New York City brownstones with a flowering tree in front of one.

14. New York, New York

More than three-fourths -- 76% -- of the 19,110 listings in the Big Apple are at least 30 days old at this writing. That's just 3.5% more than in June 2021. The median sales price also has stayed flat over the past year, rising just 1% to $818,500. Unlike the other cities mentioned here, New York home sales actually were up YOY, albeit only by 0.5%, to a total of 4,130 in June, Redfin says.

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Exterior of Ryman Auditorium in Nashville, Tennessee.

15. Nashville, Tennessee

Redfin recorded 2,268 homes for sale in Music City, with 53.4% considered stale listings, 13.9% more than in June 2021. However, Nashville continues to be a growth market, and it shows in the median sales price, up 18.7% over last year to $469,000. Home sales fell YOY from 1,530 to 1,439, but that 5.9% drop is significantly less than most cities on this list.

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Couple house hunting with a real estate agent.

The hotter they are, the faster they fall -- but this is still a strong housing market

Data like this is always at least a month old, so the effects we're seeing now may be just the beginning of a significant cool-off of a historically hot housing market.

Many markets on this list have been some of the country's hottest month after month as people have moved for job and lifestyle opportunities. They're still strong markets, and experts say there's enough demand and good credit out there – along with supply limitations -- to keep the overall market in good shape.

Prices and sales aren't collapsing; they're just slowing down. It would be hard to find a credible prediction of a housing bubble about to burst, at least at this juncture.

Marc Rapport has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Redfin. The Motley Fool recommends the following options: short August 2022 $13 calls on Redfin. The Motley Fool has a disclosure policy.

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