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US weekly real estate update

Soaring home prices in the U.S. appear out of sync with fundamentals, as was the case during the housing bubble that preceded the financial crisis of the late 2000s, warns the Federal Reserve Bank of Dallas in a new report released on March 29.

Evidence indicates what the bank calls abnormal housing market behavior for the first time since the 2000s. The bank’s analysts cite such economic indicators as price-to-rent ratio and price-to-income ratio.

That said, they do not expect the consequences of a housing correction to be comparable to the Global Financial Crisis of 2007-2009. Excessive borrowing does not seem to be driving the housing boom, they say.

High home prices continued through March, when they were 20.6% above those a year earlier, according to the S&P CoreLogic Case-Shiller Home Price Index. Federal Reserve rate increases meant to curb inflation brought the average rate on a 30-year fixed mortgage to 4.67% at the end of March.

Some observers expect prices to start to fall now that the number of sales has been dropping. But real estate agents caution that demand remains high, with multiple offers on homes. They also expect more homes to come onto the market, as sellers try to take advantage of the boom.

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 May 29, 2022. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.

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Median sales price

Median sales price: $400,999
– One-year change: +16.0%

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: $1.2 million

Metros with lowest median sales price
#1. Davenport, IA metro area: $125,438
#2. Bay City, MI metro area: $130,625
#3. Weirton, WV metro area: $132,438

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Median sales price per square foot

Median sales price per square foot: $216
– One-year change: +18.6%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,106
#2. San Jose, CA metro area: $967
#3. Kahului, HI metro area: $955

Metros with lowest median sales price per square foot
#1. Davenport, IA metro area: $85
#2. Peoria, IL metro area: $87
#3. Carbondale, IL metro area: $89

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Sales to list price ratio

Average sales to list price ratio: 1.03
– One-year change: +0.01

Metros with highest sales to list price ratio
#1. Rochester, NY metro area: 1.15
#2. Oakland, CA metro area: 1.13
#3. San Francisco, CA metro area: 1.12

Metros with lowest sales to list price ratio
#1. Lake Charles, LA metro area: 0.94
#2. Weirton, WV metro area: 0.96
#3. Greenville, OH metro area: 0.96

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Homes sold with price drops

Homes sold with price drops: 10.9%
– One-year change: +0.2%

Metros with most homes sold with price drops
#1. Beaumont, TX metro area: 28.3%
#2. Victoria, TX metro area: 27.1%
#3. The Villages, FL metro area: 26.9%

Metros with least homes sold with price drop
#1. Brownsville, TX metro area: 0.0%
#2. Visalia, CA metro area: 0.0%
#3. Redding, CA metro area: 0.4%

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Off market in two weeks

Off market in two weeks: 54.0%
– One-year change: +0.9%

Metros with the most homes off market in two weeks
#1. Rochester, NY metro area: 88.1%
#2. Seattle, WA metro area: 84.9%
#3. Grand Rapids, MI metro area: 84.6%

Metros with the least homes off market in two weeks
#1. Morristown, TN metro area: 0.0%
#2. Urban Honolulu, HI metro area: 2.8%
#3. Oshkosh, WI metro area: 4.6%

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Months of supply

Months of supply: 7.7 months
– One-year change: +0.5 months

Metros with the most months of supply
#1. Lake Charles, LA metro area: 204.2 months
#2. Brownsville, TX metro area: 47.6 months
#3. Atlantic City, NJ metro area: 19.2 months

Metros with least months of supply
#1. Lewiston, ME metro area: 2.8 months
#2. Portland, ME metro area: 3.1 months
#3. Burlington, NC metro area: 3.2 months

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