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March 11, 2022
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US weekly real estate update
There has been a lot of buzz surrounding mortgage rate trends over the last week—and for good reason. Last week, a rate hike caused 30-year, fixed-rate mortgage loan rates to top 4% for the first time since 2019. In a normal market, interest rate hikes can slow the housing market down significantly, as even the most marginal hike has the potential to cause buyers’ monthly mortgage notes to increase by hundreds of dollars each month. As such, this type of record-high increase should have tempered at least some of the unusual market trends that are occurring across the nation. But as we’ve seen over the last couple of years, the pandemic-fueled housing market is anything but normal—and it continued to defy logic even after the hike.
Whether or not it will continue to do so is still up in the air—and there are new signs that it may not. According to new housing market data, the rate for 30-year, fixed-rate mortgage loans now averages 4.05%, and this week, the rates for other types of mortgage loans inched higher as well. And most experts believe that the Federal Reserve is on the cusp of raising interest rates in the very near future. The Federal Reserve added fuel to that fire on Feb. 21 when Federal…
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Median sales price
Median sales price: $369,125
– One-year change: +15.9%
Metros with highest median sales price
#1. San Francisco, CA metro area: $1.6 million
#2. San Jose, CA metro area: $1.5 million
#3. Santa Cruz, CA metro area: $1.3 million
Metros with lowest median sales price
#1. Springfield, OH metro area: $121,175
#2. Cumberland, MD metro area: $122,625
#3. St. Joseph, MO metro area: $125,488
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Median sales price per square foot
Median sales price per square foot: $202
– One-year change: +18.4%
Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,101
#2. San Jose, CA metro area: $923
#3. Kahului, HI metro area: $835
Metros with lowest median sales price per square foot
#1. Cumberland, MD metro area: $81
#2. St. Joseph, MO metro area: $90
#3. Anniston, AL metro area: $92
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Sales to list price ratio
Average sales to list price ratio: 1.01
– One-year change: +0.01
Metros with highest sales to list price ratio
#1. San Jose, CA metro area: 1.14
#2. San Francisco, CA metro area: 1.12
#3. Oakland, CA metro area: 1.12
Metros with lowest sales to list price ratio
#1. Cumberland, MD metro area: 0.95
#2. Jonesboro, AR metro area: 0.95
#3. Watertown, NY metro area: 0.96
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Homes sold with price drops
Homes sold with price drops: 16.2%
– One-year change: -2.5%
Metros with most homes sold with price drops
#1. Grants Pass, OR metro area: 37.8%
#2. St. Joseph, MO metro area: 37.6%
#3. Watertown, NY metro area: 37.1%
Metros with least homes sold with price drop
#1. San Jose, CA metro area: 4.2%
#2. Seattle, WA metro area: 4.5%
#3. Hinesville, GA metro area: 5.4%
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Off market in two weeks
Off market in two weeks: 58.4%
– One-year change: +6.6%
Metros with the most homes off market in two weeks
#1. Seattle, WA metro area: 92.3%
#2. Olympia, WA metro area: 89.7%
#3. Denver, CO metro area: 87.8%
Metros with the least homes off market in two weeks
#1. Myrtle Beach, SC metro area: 1.4%
#2. Oshkosh, WI metro area: 4.4%
#3. Appleton, WI metro area: 4.6%
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Months of supply
Months of supply: 7.2 months
– One-year change: -1.7 months
Metros with the most months of supply
#1. Atlantic City, NJ metro area: 19.4 months
#2. New York, NY metro area: 17.8 months
#3. Kankakee, IL metro area: 15.7 months
Metros with least months of supply
#1. Lewiston, ME metro area: 1.9 months
#2. Denver, CO metro area: 3.0 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.
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Real estate platform ZeroDown compiled major statistics for the U.S. real estate market along with metro level insights for the four weeks ended March 6, 2022.
Written By
Angelica Leicht