Redfin Corp.
RDFN,
said Friday that it is seeing the northern California housing market, including the San Francisco Bay Area, cooling faster than any other U.S. market, as mortgage rates remain high and as the stock market has dropped. The San Jose housing market is slowing the fastest, with the supply of homes for sale up 10% from a year ago in May just three months after supply was down 43%. “The Bay Area is cooling quickly due to high mortgage rates, which hit pocketbooks harder in pricey areas, and the slumping stock market, a factor that’s particularly impactful in tech hubs where a lot of residents are compensated with equity,” Redfin said. “Sky-high home prices are another factor pricing many would-be buyers out of the market.” The online real estate services company said San Jose, Oakland and San Francisco are the most expensive metropolitan areas in the U.S. Redfin’s stock, which rose 2.3% in premarket trading, has plunged 74.7% year to date through Thursday, while the S&P 500
SPX,
has dropped 18.1%.
