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.
Here’s the latest 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.
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Median sales price
Seattle, WA metro area:
– Median sales price: $840,276
– One-year change: +19.0%
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
Median sales price per square foot
Seattle, WA metro area:
– Median sales price per square foot: $494
– One-year change: +22.1%
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
Sales to list price ratio
Seattle, WA metro area:
– Average sales to list price ratio: 1.11
– One-year change: +0.04
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
Homes sold with price drops
Seattle, WA metro area:
– Homes sold with price drops: 3.4%
– One-year change: -2.7%
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%
Off market in two weeks
Seattle, WA metro area:
– Off market in two weeks: 90.7%
– One-year change: +1.9%
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%
Months of supply
Seattle, WA metro area:
– Months of supply: 3.2 months
– One-year change: -0.5 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. It has been republished with permission. The Auburn Examiner has not independently verified the content of this article.
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