U.S. housing market shows signs of cooling: Redfin

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STORY: Researchers from Redfin say rising prices and mortgage rates are cutting into demand in some former hotspots

Source: Redfin real estate brokerage

"The market still feels hot, but a slowdown in online searches, home tours, and mortgage applications suggests more buyers are getting priced out."

Early tells include a double-digit drop in Google searches in Baltimore, Boston, San Francisco and LA during March

Agents in San Francisco, LA, DC, Boston and Seattle also reported a drop in requests compared with 2021

California realtors also say they’re seeing fewer offers on each home than previously

Source: Zillow Home Value Index

With interest rates to near zero, home prices nationwide rose about 35% during the past two years

Now the Fed is raising rates to bring down decades-high inflation

Longer-term borrowing costs are climbing ahead of more aggressive rates hikes

Source: Mortgage Bankers Association

The average rate on popular 30-year-fixed mortgages recently rose to a three-year high of 4.9%