A recent Zillow analysis found that the rate of home-value appreciation is slowing in two-thirds of the country’s largest housing markets, says MarketWatch reporter Jacob Passy.
Hot housing markets like Seattle and San Francisco, which saw skyrocketing home values last year, are seeing a slow down.
Last year, Passy says Seattle led the country in terms of home-value growth, with values appreciating at an annual rate of 14%. Seattle now only ranks 12th in the country for home-value growth with a rate of 9%. Other housing markets that notched the most notable slowdowns in home-value appreciation include Tampa, Fla., Sacramento, Calif., and Portland.
Other signs of weariness on the part of house-hunters are appearing. Existing home sales fell to a 2.5-year low in July as a larger number of buyers either found themselves priced out of the market or decided to take a wait-and-see approach in case home prices dropped. Mortgage rates have also dropped in recent weeks because of buyers deciding to exit the market for the time being.
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