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US weekly real estate update

According to the Mortgage Banker’s Association, mortgage applications have decreased by 1.3% within the last week. It’s no wonder, as mortgage rates across several different loan types have spiked exponentially. The 30-year fixed rate is sitting at 5.13% which is the highest it’s been since November 2018. With these mortgage rates climbing, homes are seemingly unaffordable. Inflation has ultimately devoured the buying power of many Americans, and these ever-growing rates are causing what some analysts see as economic shock as a result.

In terms of affordability, the recent spike in mortgage rates has placed buyers in the worst position since 2007. This tends to affect new buyers more than others, as existing buyers are likely locked into fixed rates. However, with such sky-high rates, investors may begin to shy away until signs of stabilization present.

“Mortgage rates have spiked more than 1.5 percentage points thus far in 2022. This rapid increase in rates, caused by a much more rapid pace of rate hikes and balance sheet reduction from the Federal Reserve, is in response to the booming job market and inflation being at a 40-year high. The jump in mortgage rates will slow the housing market and further reduce refinance demand the rest of this year,” said Mike Fratantoni, Senior Vice President and Chief Economist, Mortgage Banker’s Association.

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 10, 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: $389,178
– One-year change: +16.7%

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: $1.3 million

Metros with lowest median sales price
#1. Cumberland, MD metro area: $110,350
#2. Bay City, MI metro area: $120,781
#3. Springfield, OH metro area: $127,250

Volodymyr Kyrylyuk // Shutterstock

Median sales price per square foot

Median sales price per square foot: $211
– One-year change: +19.5%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,111
#2. San Jose, CA metro area: $944
#3. Kahului, HI metro area: $939

Metros with lowest median sales price per square foot
#1. Cumberland, MD metro area: $71
#2. Bay City, MI metro area: $90
#3. Bloomington, IL metro area: $91

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Sales to list price ratio

Average sales to list price ratio: 1.02
– One-year change: +0.02

Metros with highest sales to list price ratio
#1. San Jose, CA metro area: 1.15
#2. Oakland, 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: 0.96
#2. Morristown, TN metro area: 0.97
#3. Utica, NY metro area: 0.97

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Homes sold with price drops

Homes sold with price drops: 12.0%
– One-year change: -2.5%

Metros with most homes sold with price drops
#1. Saginaw, MI metro area: 32.5%
#2. New York, NY metro area: 32.0%
#3. Utica, NY metro area: 31.2%

Metros with least homes sold with price drop
#1. Crestview, FL metro area: 0.1%
#2. San Jose, CA metro area: 3.1%
#3. Seattle, WA metro area: 3.6%

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Off market in two weeks

Off market in two weeks: 58.2%
– One-year change: +3.6%

Metros with the most homes off market in two weeks
#1. Seattle, WA metro area: 91.3%
#2. Olympia, WA metro area: 89.6%
#3. Rochester, NY metro area: 88.6%

Metros with the least homes off market in two weeks
#1. Urban Honolulu, HI metro area: 3.6%
#2. Oshkosh, WI metro area: 4.8%
#3. Appleton, WI metro area: 6.1%

FOTOGRIN // Shutterstock

Months of supply

Months of supply: 6.6 months
– One-year change: -1.3 months

Metros with the most months of supply
#1. Atlantic City, NJ metro area: 17.7 months
#2. New York, NY metro area: 16.8 months
#3. McAllen, TX metro area: 15.3 months

Metros with least months of supply
#1. Lewiston, ME metro area: 2.2 months
#2. Crestview, FL metro area: 2.4 months
#3. San Luis Obispo, CA metro area: 2.5 months

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