15 Cities With the Largest Drop in Home Sales in 2022

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Editor’s Note: This story originally appeared on Construction Coverage.

The housing market is entering the traditionally quieter winter season, but recent indicators suggest that the market has already been slowing in the last few months.

New listings, pending sales, and prices are all on the decline, signs of rapid cooling after a two-year frenzy in the market.

One of the primary factors driving the slowing of the market has been inflation.

Adding to this pressure is an increase in interest rates. The average interest rate for a 30-year fixed-rate mortgage has increased from around 3% at the end of 2021 to about 6.5% now. In October, the average 30-year rate briefly passed 7% for the first time since before the Great Recession.

As a result of these factors, total home sales per month have been down year-over-year for every month in 2022. Few places have escaped the slowing of the market, but some locations are experiencing especially stark drops in activity.

To determine the locations with the largest drop in home sales, researchers at Construction Coverage calculated the percentage change in home sales from October 2021 to October 2022. In the event of a tie, the location with the greater percentage change in median days on market over the same time period was ranked higher. The data used in this analysis is from Redfin.

Here are the U.S. metropolitan areas with the largest drop in home sales.

15. Fresno, CA

Fresno California
stellamc / Shutterstock.com
  • Percentage change in home sales (YoY): -33.4%
  • Percentage change in median days on market (YoY): +118.2%
  • Total home sales per month (2022): 565
  • Total home sales per month (2021): 848
  • Median days on market (2022): 24
  • Median days on market (2021): 11

14. Baltimore-Columbia-Towson, MD

Baltimore homes
GJS / Shutterstock.com
  • Percentage change in home sales (YoY): -34.2%
  • Percentage change in median days on market (YoY): +16.7%
  • Total home sales per month (2022): 2,823
  • Total home sales per month (2021): 4,289
  • Median days on market (2022): 28
  • Median days on market (2021): 24

13. Washington-Arlington-Alexandria, DC-VA-MD-WV

Georgetown Washington DC
Roman Babakin / Shutterstock.com
  • Percentage change in home sales (YoY): -36.2%
  • Percentage change in median days on market (YoY): +20.6%
  • Total home sales per month (2022): 5,730
  • Total home sales per month (2021): 8,985
  • Median days on market (2022): 35
  • Median days on market (2021): 29

12. San Francisco-Oakland-Berkeley, CA

Homes in San Francisco, California
Sergey Novikov / Shutterstock.com
  • Percentage change in home sales (YoY): -36.7%
  • Percentage change in median days on market (YoY): +76.9%
  • Total home sales per month (2022): 2,892
  • Total home sales per month (2021): 4,571
  • Median days on market (2022): 25
  • Median days on market (2021): 14

11. Sacramento-Roseville-Folsom, CA

Home in Sacramento, California
Victoria Ditkovsky / Shutterstock.com
  • Percentage change in home sales (YoY): -36.8%
  • Percentage change in median days on market (YoY): +158.3%
  • Total home sales per month (2022): 1,855
  • Total home sales per month (2021): 2,934
  • Median days on market (2022): 31
  • Median days on market (2021): 12

10. Denver-Aurora-Lakewood, CO

Houses in Denver, Colorado
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  • Percentage change in home sales (YoY): -37.3%
  • Percentage change in median days on market (YoY): +214.3%
  • Total home sales per month (2022): 3,524
  • Total home sales per month (2021): 5,619
  • Median days on market (2022): 22
  • Median days on market (2021): 7

9. Los Angeles-Long Beach-Anaheim, CA

Home in Los Angeles
divanov / Shutterstock.com
  • Percentage change in home sales (YoY): -38.6%
  • Percentage change in median days on market (YoY): +35.3%
  • Total home sales per month (2022): 5,918
  • Total home sales per month (2021): 9,634
  • Median days on market (2022): 45
  • Median days on market (2021): 33

8. Seattle-Tacoma-Bellevue, WA

Seattle house neighborhood
Frank Fell Media / Shutterstock.com
  • Percentage change in home sales (YoY): -38.9%
  • Percentage change in median days on market (YoY): +202.8%
  • Total home sales per month (2022): 4,062
  • Total home sales per month (2021): 6,648
  • Median days on market (2022): 22
  • Median days on market (2021): 7

7. Riverside-San Bernardino-Ontario, CA

Riverside California neighborhood
Matt Gush / Shutterstock.com
  • Percentage change in home sales (YoY): -39.5%
  • Percentage change in median days on market (YoY): +45.2%
  • Total home sales per month (2022): 3,495
  • Total home sales per month (2021): 5,777
  • Median days on market (2022): 45
  • Median days on market (2021): 31

6. Portland-Vancouver-Hillsboro, OR-WA

Aerial view of Portland with Mount Hood in the background.
josemaria-toscano / Shutterstock.com
  • Percentage change in home sales (YoY): -39.6%
  • Percentage change in median days on market (YoY): +150.0%
  • Total home sales per month (2022): 2,488
  • Total home sales per month (2021): 4,117
  • Median days on market (2022): 25
  • Median days on market (2021): 10

5. Phoenix-Mesa-Chandler, AZ

Phoenix, Arizona
Tim Roberts Photography / Shutterstock.com
  • Percentage change in home sales (YoY): -40.2%
  • Percentage change in median days on market (YoY): +85.7%
  • Total home sales per month (2022): 4,921
  • Total home sales per month (2021): 8,230
  • Median days on market (2022): 52
  • Median days on market (2021): 28

4. San Diego-Chula Vista-Carlsbad, CA

San Diego Home
Rigucci / Shutterstock.com
  • Percentage change in home sales (YoY): -41.5%
  • Percentage change in median days on market (YoY): +100.0%
  • Total home sales per month (2022): 1,931
  • Total home sales per month (2021): 3,302
  • Median days on market (2022): 28
  • Median days on market (2021): 14

3. San Jose-Sunnyvale-Santa Clara, CA

Homes in San Jose, California
Sundry Photography / Shutterstock.com
  • Percentage change in home sales (YoY): -41.5%
  • Percentage change in median days on market (YoY): +108.3%
  • Total home sales per month (2022): 997
  • Total home sales per month (2021): 1,703
  • Median days on market (2022): 25
  • Median days on market (2021): 12

2. Las Vegas-Henderson-Paradise, NV

Las Vegas homes
trekandshoot / Shutterstock.com
  • Percentage change in home sales (YoY): -43.4%
  • Percentage change in median days on market (YoY): +103.8%
  • Total home sales per month (2022): 2,271
  • Total home sales per month (2021): 4,011
  • Median days on market (2022): 53
  • Median days on market (2021): 26

1. Salt Lake City, UT

Salt Lake City, Utah homes
Jason Finn / Shutterstock.com
  • Percentage change in home sales (YoY): -47.1%
  • Percentage change in median days on market (YoY): +185.7%
  • Total home sales per month (2022): 866
  • Total home sales per month (2021): 1,638
  • Median days on market (2022): 40
  • Median days on market (2021): 14

Methodology

A man studies financial data at his computer
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The data used in this analysis is from Redfin’s Data Center.

To determine the locations with the largest drop in home sales, researchers at Construction Coverage calculated the percentage change in home sales, year over year, from October 2021 to October 2022.

In the event of a tie, the location with the greater percentage change in median days on market over the same time period was ranked higher.

To improve relevance, only metropolitan areas with at least 100,000 residents were included.

Note: Certain metropolitan areas and states were excluded due to insufficient data. Additionally, state- and metro-level data do not sum to the national statistics due to differences in Redfin data coverage across local markets.

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