Housing market in tech hubs cooling faster than other parts of US - report

A "For Sale" sign is posted outside a residential home in the Queen Anne neighborhood of Seattle, Washington, U.S. May 14, 2021. REUTERS/Karen Ducey

(Reuters) - 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.

Decades-high inflation leading to interest rate hikes, weak consumer demand and the possibility of an economic slowdown have forced big tech firms such as Amazon.com Inc and Meta Platforms Inc as well as banks to trim their workforce.