The insanity of the housing market during the pandemic seems to have peaked in an increasing number of U.S. cities, according to recent data.
“U.S. cities that saw some of the biggest jumps in home prices during the pandemic now have the largest shares of price cuts,” reports Alex Tanzi for Bloomberg, using data published recently by Zillow.
More specifically, according to Tanzi:
Overall, the proportion of active real estate listings with lower prices has increased in all 50 of the largest U.S. metropolitan markets tracked by Zillow. In these cities, 11.5% of homes saw a price cut in May, on average, up from 8.2% a year earlier.
And:
Among the 50 metros in Zillow’s data, 32 had more than 10% of listings with a price decline. In eight cities, the share has jumped by at least 5 percentage points over the past year.
Edward Seiler, associate vice president of housing economics at the Mortgage Bankers Association is quoted in the article blaming the slowdown in housing prices on higher interest rates (and thus higher mortgage payments) and the already high cost of housing.
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