U.S. Weekly Real Estate Update

Average mortgage rates are continuing to climb after surpassing 2019 levels last week. As of Thursday, the average nationwide 30-year fixed mortgage rate is 4.53%.

To help you stay current on the market, our team at ZeroDown compiled a weekly real estate market report using data from Redfin. Statistics are as of the four weeks ending March 20. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.

On Thursday at an industry conference, Federal Reserve Governor Christopher Waller discussed how the residential real estate market has changed since the COVID-19 pandemic’s onset, as well as how policy has impacted housing costs for buyers. Waller told conference attendees he is hopeful that in the next year, factors related to the pandemic that have increased prices—such as the high demand and short supply for properties and space—will lessen.

Unfortunately, Waller also warned that the market looks poised to continue the strain it’s adding to the average homeowner, saying the percentage of the household budget reserved for housing will only continue to rise. In the early 1970s, the amount of the average household budget that went to housing was 24%; as of 2019, that number reached 35%.

BROWSE: Homes for sale in Los Angeles, California

Median sales price

Median sales price: $379,230
- One-year change: +17.0%

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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: $1.2 million

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Metros with lowest median sales price
#1. Cumberland, MD metro area: $119,000
#2. St. Joseph, MO metro area: $125,362
#3. Springfield, OH metro area: $125,800

BROWSE: Homes for sale in Orlando, Florida.

Median sales price per square foot

Median sales price per square foot: $207
- One-year change: +20.0%

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Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,117
#2. San Jose, CA metro area: $936
#3. Kahului, HI metro area: $872

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Metros with lowest median sales price per square foot
#1. Cumberland, MD metro area: $79
#2. Anniston, AL metro area: $92
#3. St. Joseph, MO metro area: $93

BROWSE: Homes for sale in Oakland, California.

Sales to list price ratio

Average sales to list price ratio: 1.02
- One-year change: +0.02

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

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Metros with lowest sales to list price ratio
#1. Cumberland, MD metro area: 0.95
#2. Watertown, NY metro area: 0.97
#3. Beaumont, TX metro area: 0.97

BROWSE: Homes for sale in Salisbury, North Carolina.

Homes sold with price drops

Homes sold with price drops: 14.2%
- One-year change: -2.9%

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Metros with most homes sold with price drops
#1. Grants Pass, OR metro area: 35.7%
#2. New York, NY metro area: 33.2%
#3. Morristown, TN metro area: 33.0%

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Metros with least homes sold with price drop
#1. San Jose, CA metro area: 2.8%
#2. Seattle, WA metro area: 3.4%
#3. Hinesville, GA metro area: 5.0%

Off market in two weeks

Off market in two weeks: 58.9%
- One-year change: +5.4%

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Metros with the most homes off market in two weeks
#1. Seattle, WA metro area: 92.5%
#2. Olympia, WA metro area: 89.8%
#3. Denver, CO metro area: 88.6%

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Metros with the least homes off market in two weeks
#1. Lewiston, ID metro area: 0.0%
#2. Myrtle Beach, SC metro area: 1.3%
#3. Cleveland, TN metro area: 3.5%

Months of supply

Months of supply: 6.9 months
- One-year change: -1.0 months

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Metros with the most months of supply
#1. New York, NY metro area: 18.3 months
#2. Atlantic City, NJ metro area: 18.0 months
#3. Glens Falls, NY metro area: 16.1 months

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Metros with least months of supply
#1. Lewiston, ME metro area: 2.0 months
#2. Olympia, WA metro area: 2.8 months
#3. Seattle, WA metro area: 3.0 months