Rental Market Tracker: Asking Rents Climb 11% in August, the Smallest Gain in a Year
Rent growth is likely to keep slowing as rising interest rates continue to cool the economy.
Tim Ellis has been analyzing the real estate market since 2005, and worked at Redfin as a housing market analyst from 2010 through 2013 and again starting in 2018. In his free time, he runs the independently-operated Seattle-area real estate website Seattle Bubble, and produces the "Dispatches from the Multiverse" improvised comedy sci-fi podcast.
Email TimRent growth is likely to keep slowing as rising interest rates continue to cool the economy.
New listings fell 8% in August to their lowest level since May 2020. Prior to the onset of the pandemic, the last time so few homes hit the market was August 2012.
High mortgage rates have brought balance to the market, but it comes at a high price for both buyers and sellers.
San Francisco saw home prices fall 7% year over year during the four weeks ending September 4.
The average sale-to-list ratio fell below 100% for the first time since March 2021 and the share of homes with a price drop came down from its record high.
The 12% increase in July was the smallest since September of last year.
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