Housing markets in tech hubs are cooling more rapidly than other parts of the United States amid a wave of layoffs in the technology sector and elevated mortgage rates, according to real estate broker Redfin Corp's report on Monday.
Seattle, San Jose, Austin and Phoenix are among metros that have been affected the most as high mortgage rates, turmoil in the tech sector and unavailability of homes deter buyers, the report stated. The most recent collapse of Silicon Valley Bank earlier this month, from which a lot of Bay Area startup companies borrowed money, is having a mixed impact on the local housing market, the report said.
The New York metro area is likely to feel the impact of banking turmoil as many of its residents work in the financial sector, according to the report.