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US weekly real estate update

According to the Mortgage Bankers Association, mortgage applications are down 5% since last week. With mortgage rates rising and median home prices trending in the same direction the declining trend in home sales (down 4.5% year over year) looks to continue. As of March 2022, the National Association of Realtors has found that median home prices have gone up 15% year over year, jumping up to $375,300. Rising interest rates combined with a low inventory of homes has put a wrench in the hope of buyers all across the U.S.

Freddie Mac this week reported that the average loan rate for a 30-year fixed mortgage hit 5.11% This is only a 0.11% rise from last week. Nonetheless, continuing rate increases seem to be putting a pin in many people’s ambitions for homeownership.

“Ongoing concerns about rapid inflation and tighter U.S. monetary policy continued to push Treasury yields higher, driving mortgage rates to their highest level in over a decade. Rates increased across the board for all loan types, with the 30-year fixed rate hitting [nearly] 5.2%, the highest level since 2010,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.

To help you stay current on the market, ZeroDown compiled a weekly real estate market report using data from Redfin. Statistics are as of the four weeks ending April 17, 2022. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.

Konstantin L // Shutterstock

Median sales price

Median sales price: $392,750
– One-year change: +17.0%

Metros with highest median sales price
#1. San Francisco, CA metro area: $1.6 million
#2. San Jose, CA metro area: $1.6 million
#3. Santa Cruz, CA metro area: $1.4 million

Metros with lowest median sales price
#1. Cumberland, MD metro area: $115,350
#2. Saginaw, MI metro area: $126,788
#3. Springfield, OH metro area: $133,000

Volodymyr Kyrylyuk // Shutterstock

Median sales price per square foot

Median sales price per square foot: $212
– One-year change: +19.2%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,122
#2. San Jose, CA metro area: $957
#3. Kahului, HI metro area: $927

Metros with lowest median sales price per square foot
#1. Cumberland, MD metro area: $74
#2. Pine Bluff, AR metro area: $83
#3. Saginaw, MI metro area: $93

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Sales to list price ratio

Average sales to list price ratio: 1.03
– One-year change: +0.02

Metros with highest sales to list price ratio
#1. Oakland, CA metro area: 1.15
#2. San Jose, CA metro area: 1.14
#3. San Francisco, CA metro area: 1.13

Metros with lowest sales to list price ratio
#1. Cumberland, MD metro area: 0.97
#2. Utica, NY metro area: 0.97
#3. Gadsden, AL metro area: 0.98

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Homes sold with price drops

Homes sold with price drops: 11.4%
– One-year change: -2.2%

Metros with most homes sold with price drops
#1. Watertown, NY metro area: 34.1%
#2. Cumberland, MD metro area: 31.3%
#3. New York, NY metro area: 30.6%

Metros with least homes sold with price drop
#1. Crestview, FL metro area: 0.4%
#2. Seattle, WA metro area: 3.4%
#3. San Jose, CA metro area: 3.6%

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Off market in two weeks

Off market in two weeks: 57.9%
– One-year change: +3.6%

Metros with the most homes off market in two weeks
#1. Seattle, WA metro area: 90.7%
#2. Olympia, WA metro area: 89.2%
#3. Rochester, NY metro area: 88.3%

Metros with the least homes off market in two weeks
#1. Urban Honolulu, HI metro area: 3.2%
#2. Appleton, WI metro area: 4.6%
#3. Oshkosh, WI metro area: 6.5%

FOTOGRIN // Shutterstock

Months of supply

Months of supply: 6.9 months
– One-year change: -1.0 months

Metros with the most months of supply
#1. Atlantic City, NJ metro area: 18.5 months
#2. McAllen, TX metro area: 17.8 months
#3. New York, NY metro area: 17.4 months

Metros with least months of supply
#1. Lewiston, ME metro area: 2.2 months
#2. Portland, ME metro area: 2.9 months
#3. Olympia, WA metro area: 3.1 months

This story originally appeared on ZeroDown
and was produced and distributed in partnership with Stacker Studio.