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US weekly real estate update

March 12, 2022 by Staff Reporter

Angelica Leicht, provided by

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…

Arina P Habich // ShutterstockShow MoreShow Less2of11

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

Konstantin L // ShutterstockShow MoreShow Less3of11Median 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: $924of11

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

Volodymyr Kyrylyuk // ShutterstockShow MoreShow LessSales 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: 0.965of11

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

scarp577 // ShutterstockShow MoreShow Less6of11Homes 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%7of11

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%

ungvar // ShutterstockShow MoreShow LessOff 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%8of11

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%

4 PM production // ShutterstockShow MoreShow Less9of11Months 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.10of11

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.

FOTOGRIN // ShutterstockShow MoreShow Less11of11

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

View Original Source

Filed Under: REAL ESTATE

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