, March 11, 2022 1of11 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 // Shutterstock Median sales price Median sales price: $369,125 Metros with highest median sales price Metros with lowest median sales price Konstantin L // Shutterstock3of11 Median sales price per square foot Median sales price per square foot: $202 Metros with highest median sales price per square foot Metros with lowest median sales price per square foot Volodymyr Kyrylyuk // Shutterstock Sales to list price ratio Average sales to list price ratio: 1.01 Metros with highest sales to list price ratio Metros with lowest sales to list price ratio scarp577 // Shutterstock6of11 Homes sold with price drops Homes sold with price drops: 16.2% Metros with most homes sold with price drops Metros with least homes sold with price drop ungvar // Shutterstock Off market in two weeks Off market in two weeks: 58.4% Metros with the most homes off market in two weeks Metros with the least homes off market in two weeks 4 PM production // Shutterstock9of11 Months of supply Months of supply: 7.2 months Metros with the most months of supply Metros with least months of supply
This story originally appeared on ZeroDown FOTOGRIN // Shutterstock11of11 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 Leicht2of11
– One-year change: +15.9%
#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
#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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– One-year change: +18.4%
#1. San Francisco, CA metro area: $1,101
#2. San Jose, CA metro area: $923
#3. Kahului, HI metro area: $835
#1. Cumberland, MD metro area: $81
#2. St. Joseph, MO metro area: $90
#3. Anniston, AL metro area: $92
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– One-year change: +0.01
#1. San Jose, CA metro area: 1.14
#2. San Francisco, CA metro area: 1.12
#3. Oakland, CA metro area: 1.12
#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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– One-year change: -2.5%
#1. Grants Pass, OR metro area: 37.8%
#2. St. Joseph, MO metro area: 37.6%
#3. Watertown, NY metro area: 37.1%
#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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– One-year change: +6.6%
#1. Seattle, WA metro area: 92.3%
#2. Olympia, WA metro area: 89.7%
#3. Denver, CO metro area: 87.8%
#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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– One-year change: -1.7 months
#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
#1. Lewiston, ME metro area: 1.9 months
#2. Denver, CO metro area: 3.0 months
#3. Olympia, WA metro area: 3.1 months
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