US weekly real estate update

Written by:
May 18, 2022
Flystock // Shutterstock

US weekly real estate update

As inflation continues to surge and with the chatter of an impending economic downturn in the air, mortgage rates are growing at the quickest speed in 40 years with a 30-year fixed-rate mortgage last week reaching the highest point since 2009 at 5.53%. 

Consumers are being stretched thin due to inflation—from the gas pump to the grocery store—and are starting to decelerate their spending from last year. Experts expect a real estate slow down in the next couple of quarters: There are 70 regional housing markets with a more than 40% chance of seeing prices for homes dip in the next year, according to CoreLogic assessment of the biggest regional housing markets in the U.S.

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 May 15, 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: $398,500
- One-year change: +16.4%

Metros with highest median sales price
#1. San Francisco, CA metro area: $1.7 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. Saginaw, MI metro area: $118,475
#2. Carbondale, IL metro area: $127,150
#3. Cumberland, MD metro area: $127,825

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Median sales price per square foot

Median sales price per square foot: $216
- One-year change: +19.2%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,106
#2. San Jose, CA metro area: $974
#3. Kahului, HI metro area: $934

Metros with lowest median sales price per square foot
#1. Carbondale, IL metro area: $79
#2. Cumberland, MD metro area: $87
#3. Peoria, IL metro area: $87

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Sales to list price ratio

Average sales to list price ratio: 1.03
- One-year change: +0.01

Metros with highest sales to list price ratio
#1. Rochester, NY metro area: 1.15
#2. Oakland, CA metro area: 1.14
#3. San Jose, CA metro area: 1.13

Metros with lowest sales to list price ratio
#1. Carbondale, IL metro area: 0.97
#2. Utica, NY metro area: 0.97
#3. Gadsden, AL metro area: 0.97

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Homes sold with price drops

Homes sold with price drops: 10.6%
- One-year change: -0.8%

Metros with most homes sold with price drops
#1. The Villages, FL metro area: 28.0%
#2. Beaumont, TX metro area: 27.9%
#3. New York, NY metro area: 26.6%

Metros with least homes sold with price drop
#1. Carbondale, IL metro area: 0.0%
#2. Springfield, IL metro area: 0.0%
#3. Hanford, CA metro area: 0.0%

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Off market in two weeks

Off market in two weeks: 55.3%
- One-year change: +1.7%

Metros with the most homes off market in two weeks
#1. Rochester, NY metro area: 88.0%
#2. Olympia, WA metro area: 87.8%
#3. Seattle, WA metro area: 87.3%

Metros with the least homes off market in two weeks
#1. Oshkosh, WI metro area: 1.9%
#2. Urban Honolulu, HI metro area: 2.7%
#3. Morristown, TN metro area: 3.1%

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Months of supply

Months of supply: 7.3 months
- One-year change: -0.1 months

Metros with the most months of supply
#1. Brownsville, TX metro area: 35.7 months
#2. New York, NY metro area: 19.4 months
#3. Atlantic City, NJ metro area: 18.4 months

Metros with least months of supply
#1. Portland, ME metro area: 3.2 months
#2. Lewiston, ME metro area: 3.6 months
#3. Jacksonville, NC metro area: 3.7 months

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