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Housing Markets Where Homebuying Has Seriously Slowed Over The Last Year
//house-home.news-articles.net/content/2025/07/3 .. ing-has-seriously-slowed-over-the-last-year.html
Published in House and Home on Wednesday, July 30th 2025 at 10:53 GMT by Forbes🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Find out which major housing markets have seen a slowdown in homebuying activity.
Housing Markets Where Homebuying Has Seriously Slowed Over the Last Year
The U.S. housing market has undergone significant shifts in recent years, but the past 12 months have marked a particularly stark slowdown in homebuying activity across numerous regions. This deceleration is not uniform; while some areas continue to see robust demand driven by population growth or economic booms, others have experienced dramatic drops in sales volume, pending transactions, and overall buyer interest. Factors contributing to this trend include persistently high mortgage rates, elevated home prices that outpace wage growth, economic uncertainties such as inflation and job market fluctuations, and a lingering inventory shortage that discourages potential buyers. In this analysis, we delve into the housing markets that have seen the most pronounced slowdowns, examining the data, underlying causes, and potential implications for the future.
To quantify the slowdown, experts often look at metrics like year-over-year changes in closed sales, new listings, and median days on market. According to recent real estate data compilations, the national average for home sales has declined by about 15% compared to the previous year, but in certain hotspots, the drop is far more severe, exceeding 30% or even 40% in some cases. These figures highlight a cooling period following the frenzied buying sprees of the early 2020s, when low interest rates and remote work trends fueled bidding wars and rapid price escalations. Now, with borrowing costs hovering around 7% for a 30-year fixed mortgage, many would-be buyers are sidelined, opting to rent or delay purchases until conditions improve.
One of the most affected markets is the San Francisco Bay Area in California. This tech-heavy region, once synonymous with skyrocketing property values, has seen homebuying activity plummet by over 35% in the last year. In cities like San Francisco proper, Oakland, and San Jose, the number of closed sales has dropped sharply, with some neighborhoods reporting a 40% decline. The reasons are multifaceted: the tech industry's layoffs and remote work policies have reduced the influx of high-earning professionals who previously drove demand. Additionally, the area's already astronomical median home prices—often exceeding $1.5 million—have become even less attainable amid higher interest rates. Sellers are holding off on listing properties, fearing they won't fetch peak values, which exacerbates the inventory crunch. As a result, homes are lingering on the market longer, with average days on market jumping from 20 to over 60 in some suburbs. This slowdown has ripple effects, impacting local economies tied to real estate, construction, and related services.
Moving eastward, New York City's housing market has also cooled considerably, with a 32% reduction in home sales volume over the past year. The Big Apple, known for its competitive condo and co-op scene, is grappling with affordability issues amplified by rising costs of living. In boroughs like Manhattan and Brooklyn, luxury segments have been hit hardest, as international buyers and Wall Street executives pull back due to global economic volatility. Data shows that pending sales have decreased by 28%, and inventory levels, while slightly up, remain insufficient to meet even the subdued demand. Factors like increased property taxes and maintenance fees in high-rises are deterring buyers, while the shift toward hybrid work models has made suburban alternatives more appealing. In contrast, outer areas like Queens and the Bronx have seen milder slowdowns, but overall, the city's real estate pulse has weakened, leading to price stabilizations or slight declines in some pockets.
In the Pacific Northwest, Seattle, Washington, stands out as another market in retreat, with homebuying down by approximately 30%. The Emerald City's tech boom, fueled by companies like Amazon and Microsoft, had previously inflated housing costs, but recent corporate downsizing and a return to office mandates have tempered enthusiasm. Median home prices, which peaked at around $800,000, have plateaued, and sales have slowed as buyers face sticker shock from interest rates. Neighborhoods in King County, including Bellevue and Redmond, report a 25% drop in transactions, with many properties requiring price reductions to attract offers. Environmental concerns, such as wildfire risks and urban density debates, add layers of hesitation for potential homeowners. This slowdown is prompting discussions about affordability initiatives, like zoning reforms to increase housing supply, though progress remains slow.
Southern markets aren't immune either. Austin, Texas, which exploded in popularity during the pandemic due to its tech migration and relatively low costs, has seen a 38% plunge in home sales. Once hailed as a boomtown with double-digit annual price growth, Austin now contends with overbuilding in some suburbs, leading to increased inventory and longer selling times. The influx of remote workers has slowed, and with mortgage rates biting into budgets, first-time buyers are particularly affected. Data indicates that new home construction permits have dipped, signaling builder caution amid uncertain demand. Similarly, in Florida's Miami-Dade area, homebuying has decelerated by 29%, influenced by hurricane insurance hikes and flood risks that make properties less insurable or more expensive to maintain. The luxury condo market, popular with retirees and investors, has cooled as foreign investment wanes due to currency fluctuations and geopolitical tensions.
The Midwest offers its own examples, with Chicago, Illinois, experiencing a 27% drop in sales activity. The Windy City's diverse neighborhoods, from the Loop to the North Side, are seeing fewer transactions as economic pressures mount. High property taxes and a sluggish post-pandemic recovery in downtown office spaces have reduced appeal for urban living. Suburban areas like Naperville have fared slightly better, but overall, the market reflects broader national trends of buyer fatigue. In Detroit, Michigan, the slowdown is even more pronounced at 34%, though this comes against a backdrop of ongoing revitalization efforts. Affordable housing stock exists, but financing challenges and economic disparities limit buyer pools.
Beyond these urban centers, smaller markets and Sun Belt regions are also feeling the pinch. Boise, Idaho, once a darling for its outdoor lifestyle and affordability, has seen sales fall by 36%. The rapid price surges of recent years have priced out locals, and with interest rates high, out-of-state relocators are fewer. In the Southeast, Raleigh-Durham in North Carolina reports a 31% decline, tied to biotech sector volatility and competition from nearby Charlotte.
What drives these slowdowns universally? High mortgage rates are a primary culprit, making monthly payments unaffordable for many. The Federal Reserve's rate hikes to combat inflation have sidelined millennials and Gen Z buyers, who face student debt and stagnant wages. Inventory shortages persist, as homeowners with low-rate mortgages from years past are reluctant to sell and face higher borrowing costs. Demographic shifts, including aging baby boomers downsizing or staying put, further complicate dynamics. Economic uncertainty, from potential recessions to job market instability, adds caution.
The implications are broad. For buyers, this could mean opportunities for negotiation and potential price dips, though affordability remains a hurdle. Sellers may need to adjust expectations, offering concessions like closing cost assistance. Economically, slower housing turnover affects jobs in real estate, construction, and finance, potentially dampening GDP growth. Looking ahead, experts predict that if rates ease—perhaps dropping to 5-6% by late 2025—activity could rebound. Policy interventions, such as tax incentives for first-time buyers or increased housing development, might accelerate recovery.
In summary, these slowed markets underscore a transitional phase in U.S. real estate. While challenges abound, they also present chances for recalibration toward more sustainable growth. Buyers and investors should monitor local trends closely, as regional variations will dictate the pace of any turnaround. As the market evolves, adaptability will be key for all stakeholders involved. (Word count: 1,048)
Read the Full Forbes Article at:
[ https://www.forbes.com/sites/andrewdepietro/2025/07/30/housing-markets-where-homebuying-has-seriously-slowed-over-the-last-year/ ]
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