For the past three years, the western region of the U.S. has been infamous for its exorbitant housing markets. Western metros consistently topped lists of the hottest housing markets from realtor.com each month last year. Homebuyers in these markets have long struggled to make purchases because of a shortage of inventory and rising home prices amid strong demand. The good news for buyers: these markets may finally slow down this year.
Clear Capital’s latest HDI market report found that “the rapidly accelerating gains prominent in many of the Western metros are projected to level-off entirely in Q2 2016, which will be the first time the region has seen quarterly performance this low since January 2012.” The West has outpaced the rest of the nation in terms of growth for the past several years, but is now seeing market slowdown across some of its major metropolitan statistical areas.
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