5 markets with the biggest drop in home sales

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The housing market is cooling from coast to coast. As mortgage rates rise, many potential buyers are forced out of the market, no longer able to afford the higher costs.

Now that more and more people are throwing in the towel to own a new home, prices are falling and, in some markets, sales are plummeting.

Recently, RE/MAX released its National Housing Report for May, noting that sales were down year-over-year in the 51 metro areas it surveys. Inventory levels also rose for a second consecutive month.

In the following markets, the number of closed deals fell by at least 16% year-over-year.

5.Washington, D.C.

washington d.c.
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Year-over-year decline in closed deals from May 2021 to May 2022: From 10,391 to 8,673 — 16.5%

This metropolitan area includes:

  • washington d.c.
  • Arlington, Virginia
  • Alexandria, Virginia

4. Trenton, New Jersey

Trenton, New Jersey
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Year-over-year decline in closed deals from May 2021 to May 2022: 410 to 332 — 19%

This metropolitan area includes:

3.San Diego

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Year-over-year decline in closed deals from May 2021 to May 2022: From 3,591 to 2,858 — 20.4%

This metropolitan area includes:

  • San Diego
  • Chula Vista
  • Carlsbad

2. Miami

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Year-over-year decline in closed deals from May 2021 to May 2022: From 11,392 to 8,835 — 22.4%

This metropolitan area includes:

  • Miami
  • Fort Lauderdale
  • Pompano Beach

1.Los Angeles

Los Angeles neighborhood in the San Fernando Valley
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Year-over-year decline in closed deals from May 2021 to May 2022: From 9,991 to 7,553 — 24.4%

This metropolitan area includes:

  • Los Angeles
  • long beach
  • Anaheim

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