With mortgage rates rising and concerns over a recession, we are starting to see some weakness in the housing market. This week’s chart of the week looks at some of the top cities for housing, and whether or not homes listed for sale have seen a reduction in price in July 2022 versus July of 2021. The reduction in price in some of the hottest post-pandemic real estate markets shows that demand is waning and the recent home price surge is likely to cool in the near-term.
Source: Bloomberg