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Cape Coral is ranked 11th among U.S. housing markets cooling the fastest this year, according to a study by Redfin analyzing housing-market data from February to May in the 100 most populous U.S. metropolitan areas. Rankings are based on changes over that time period in year-over-year growth in prices, price drops, supply, pending sales, sale-to-list ratio and speed of home sales. The cooldown is largely because mortgage rates nearly doubled in the first half of the year, reaching nearly 6% in June. With a median home sale price of $418,000, Cape Coral saw a year-over-year inventory increase of 30% and a nearly 17% drop in pending sales. In addition, there has been a 7% decrease of homes that went off the market in two weeks in Lee County’s most populated cities. The top five housing markets cooling the fastest are San Jose, California; Sacramento, California; Oakland, California; Seattle, Washington; and Stockton, California.

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