Of the top 10 fastest cooling housing markets listed on Redfin, San Diego takes the eighth spot.
Many housing market experts attribute the cooling as being a part of the housing cycle along with uncommon factors like a hot market during the pandemic preceding the cooling.
“One thing that matters a lot is expectations. The second thing that matters a lot is housing supply and by that, I mean, physical supply and the third thing that matters a lot is the supply of credit, buy mortgages from the banking side,” UC San Diego Professor Michael Reher said. One of the top reasons for the cooling housing market is rising interest rates. The U.S. Federal Reserve has been raising interest rates to fight inflation. Those interest rate hikes led to lenders raising home mortgage rates, which impacts affordability.“It’s a little different than we’ve seen in the last two years. I think it’s honestly a good thing. It’s a good thing for buyers,” Roxas said.
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