U.S. Weekly Real Estate Update

US weekly real estate update

The surge in mortgages — as homeowners took advantage of Federal Reserve rate cuts during the pandemic — is officially on the wane.

A quarterly report on household debt from the Federal Reserve Bank of New York shows new mortgages, including refinanced loans, falling in the first quarter of 2022 compared to a “historically brisk” 2021. With interest rates rising, their first quarter total was $859 billion.

Although declining from a peak in 2021, mortgage borrowing was still higher than just before the coronavirus pandemic struck the U.S. And with home prices skyrocketing in most of the country, up 30% over the last two years, buyers must borrow more to finance their homes.

U.S. mortgage debt now stands at $11.18 trillion, which is up 10% from the first quarter in 2021.

Since the pandemic began, people have been moving out of cities and into suburbs, according to the New York Fed.

As homeowner protections implemented during the pandemic are lifted, the number of foreclosures is rising, but past due balances remain at a historic low.

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 8, 2022. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.

Konstantin L // Shutterstock

Median sales price

Median sales price: $397,356
- One-year change: +16.6%

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: $122,662
#2. Carbondale, IL metro area: $125,925
#3. Peoria, IL metro area: $126,012

BROWSE: Homes for sale in Salisbury, North Carolina.

Median sales price per square foot

Median sales price per square foot: $214
- One-year change: +19.0%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,108
#2. San Jose, CA metro area: $989
#3. Kahului, HI metro area: $932

Metros with lowest median sales price per square foot
#1. Carbondale, IL metro area: $75
#2. Pine Bluff, AR metro area: $79
#3. Peoria, IL metro area: $85

scarp577 // Shutterstock

BROWSE: Homes for sale in Oakland, California.

Sales to list price ratio

Average sales to list price ratio: 1.03
- One-year change: +0.02

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

Metros with lowest sales to list price ratio
#1. Carbondale, IL metro area: 0.96
#2. Utica, NY metro area: 0.97
#3. Brownsville, TX metro area: 0.97

ungvar // Shutterstock

BROWSE: Homes for sale in Orlando, Florida.

Homes sold with price drops

Homes sold with price drops: 10.5%
- One-year change: -1.3%

Metros with most homes sold with price drops
#1. New York, NY metro area: 28.0%
#2. Grants Pass, OR metro area: 25.5%
#3. Beaumont, TX metro area: 25.3%

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

4 PM production // Shutterstock

BROWSE: Homes for sale in Los Angeles, California

Off market in two weeks

Off market in two weeks: 55.8%
- One-year change: +1.7%

Metros with the most homes off market in two weeks
#1. Rochester, NY metro area: 89.1%
#2. Olympia, WA metro area: 88.3%
#3. Seattle, WA metro area: 88.2%

Metros with the least homes off market in two weeks
#1. Morristown, TN metro area: 0.0%
#2. Urban Honolulu, HI metro area: 3.7%
#3. Oshkosh, WI metro area: 4.1%

FOTOGRIN // Shutterstock

Months of supply

Months of supply: 7.0 months
- One-year change: -0.5 months

Metros with the most months of supply
#1. Brownsville, TX metro area: 78.4 months
#2. Beaumont, TX metro area: 19.3 months
#3. New York, NY metro area: 19.0 months

Metros with least months of supply
#1. Portland, ME metro area: 2.7 months
#2. Lewiston, ME metro area: 2.8 months
#3. Seattle, WA metro area: 3.5 months

Join our newsletter!

We're constantly keeping up with the latest real estate trends and news - let us keep you in the loop!

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Further reading

U.S. Weekly Real Estate Update

Let's see what's going on with the market this week...

U.S. Weekly Real Estate Update

Let's see what's going on with the market this week...

Do I Need A Mortgage Pre-Approval Letter To Make An Offer On A Home?

Serious about buying a home? Realtors prefer showing homes to buyers with a pre-approval letter. Learn the difference between pre-qualification and pre-approval, the benefits of a pre-approval letter, and why you need one.