There was lots of buzz surrounding mortgage fee traits over the past week—and for good purpose. Final week, a fee hike precipitated 30-year, fixed-rate mortgage mortgage charges to top 4% for the primary time since 2019. In a standard market, rate of interest hikes can gradual the housing market down considerably, as even probably the most marginal hike has the potential to trigger consumers’ month-to-month mortgage notes to extend by a whole lot of {dollars} every month. As such, such a record-high enhance ought to have tempered no less than among the uncommon market traits which are occurring throughout the nation. However as we’ve seen over the past couple of years, the pandemic-fueled housing market is something however regular—and it continued to defy logic even after the hike.
Whether or not or not it should proceed to take action continues to be up within the air—and there are new indicators that it could not. In line with new housing market data, the speed for 30-year, fixed-rate mortgage loans now averages 4.05%, and this week, the charges for different kinds of mortgage loans inched higher as well. And most consultants consider that the Federal Reserve is on the cusp of elevating rates of interest within the very close to future. The Federal Reserve added gasoline to that fireplace on Feb. 21 when Federal Reserve Governor Michelle Bowman noted support for a quarter- to half-percentage level enhance in rates of interest—which might occur as early as March if inflation readings are too excessive. Two different Fed officers, Governor Lael Brainard and New York Fed President John Williams, additionally signaled that they had been prepared to maneuver on a fee enhance subsequent month.
If the Fed fee hike occurs, it could assist to decelerate the shopping for traits we’re seeing within the housing market, which might work to drive down dwelling costs as properly. But it surely’s essential to do not forget that this market is something however odd. This week, quite a few consultants predicted that housing costs are usually not going to lower within the close to future—however are more likely to enhance quickly as a substitute. Some consultants anticipate dwelling costs to extend by up to 22% come spring—which might be yet one more huge hit to potential consumers. That will help you keep present on what’s taking place within the housing market, actual property platform ZeroDown compiled a weekly actual property market report for San Diego utilizing knowledge from Redfin. Statistics are as of the week of Feb. 20, 2022. Metros with greater than 50 properties offered through the time interval had been thought of for metro-level rankings for every statistic.
Median gross sales value
San Diego, CA metro space:
– Median gross sales value: $786,875
– One-year change: +16.7%
Metros with highest median gross sales value
#1. San Jose, CA metro space: $1.4 million
#2. San Francisco, CA metro space: $1.4 million
#3. Santa Cruz, CA metro space: $1.3 million
Metros with lowest median gross sales value
#1. Youngstown, OH metro space: $128,625
#2. Saginaw, MI metro space: $129,788
#3. Cumberland, MD metro space: $131,475
Median gross sales value per sq. foot
San Diego, CA metro space:
– Median gross sales value per sq. foot: $541
– One-year change: +24.2%
Metros with highest median gross sales value per sq. foot
#1. San Francisco, CA metro space: $1,044
#2. San Jose, CA metro space: $859
#3. Kahului, HI metro space: $848
Metros with lowest median gross sales value per sq. foot
#1. Cumberland, MD metro space: $80
#2. Saginaw, MI metro space: $88
#3. Youngstown, OH metro space: $91
Gross sales to listing value ratio
San Diego, CA metro space:
– Common gross sales to listing value ratio: 1.04
– One-year change: +0.03
Metros with highest gross sales to listing value ratio
#1. San Jose, CA metro space: 1.11
#2. San Francisco, CA metro space: 1.09
#3. Oakland, CA metro space: 1.09
Metros with lowest gross sales to listing value ratio
#1. Victoria, TX metro space: 0.96
#2. Battle Creek, MI metro space: 0.96
#3. Cumberland, MD metro space: 0.97
Properties offered with value drops
San Diego, CA metro space:
– Properties offered with value drops: 8.5%
– One-year change: -4.7%
Metros with most properties offered with value drops
#1. Watertown, NY metro space: 38.8%
#2. Eau Claire, WI metro space: 36.5%
#3. Gadsden, AL metro space: 36.3%
Metros with least properties offered with value drop
#1. Hinesville, GA metro space: 5.0%
#2. Warner Robins, GA metro space: 6.5%
#3. San Jose, CA metro space: 7.8%
Off market in two weeks
San Diego, CA metro space:
– Off market in two weeks: 77.2%
– One-year change: +6.9%
Metros with probably the most properties off market in two weeks
#1. Seattle, WA metro space: 91.8%
#2. Denver, CO metro space: 86.7%
#3. San Jose, CA metro space: 86.1%
Metros with the least properties off market in two weeks
#1. Myrtle Seashore, SC metro space: 1.3%
#2. City Honolulu, HI metro space: 4.5%
#3. Oshkosh, WI metro space: 4.7%
Months of provide
San Diego, CA metro space:
– Months of provide: 4.2 months
– One-year change: -1.5 months
Metros with probably the most months of provide
#1. Atlantic Metropolis, NJ metro space: 23.0 months
#2. Myrtle Seashore, SC metro space: 17.9 months
#3. Ocean Metropolis, NJ metro space: 16.8 months
Metros with least months of provide
#1. Lewiston, ME metro space: 2.0 months
#2. Denver, CO metro space: 3.4 months
#3. Portland, ME metro space: 3.5 months
This story initially appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.
