San Diego weekly real estate update

In response to the Mortgage Bankers Affiliation, mortgage functions are down 5% since final week. With mortgage charges rising and median residence costs trending in the identical route the declining pattern in residence gross sales (down 4.5% yr over yr) seems to proceed. As of March 2022, the Nationwide Affiliation of Realtors has discovered that median residence costs have gone up 15% yr over yr, leaping as much as $375,300. Rising rates of interest mixed with a low stock of houses has put a wrench within the hope of patrons all throughout the U.S.

Freddie Mac this week reported that the common mortgage price for a 30-year mounted mortgage hit 5.11% That is solely a 0.11% rise from final week. Nonetheless, persevering with price will increase appear to be placing a pin in many individuals’s ambitions for homeownership.

“Ongoing considerations about speedy inflation and tighter U.S. financial coverage continued to push Treasury yields increased, driving mortgage charges to their highest stage in over a decade. Charges elevated throughout the board for all mortgage sorts, with the 30-year mounted price hitting [nearly] 5.2%, the very best stage since 2010,” stated Joel Kan, MBA’s Affiliate Vice President of Financial and Trade Forecasting.

That will help you keep present available on the market, ZeroDown compiled a weekly actual property market report utilizing information from Redfin. Statistics are as of the 4 weeks ending April 17, 2022. Metros with greater than 50 houses offered throughout this 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: $863,750
– One-year change: +18.8%

Metros with highest median gross sales value
#1. San Francisco, CA metro space: $1.6 million
#2. San Jose, CA metro space: $1.6 million
#3. Santa Cruz, CA metro space: $1.4 million

Metros with lowest median gross sales value
#1. Cumberland, MD metro space: $115,350
#2. Saginaw, MI metro space: $126,788
#3. Springfield, OH metro space: $133,000

Median gross sales value per sq. foot

San Diego, CA metro space:
– Median gross sales value per sq. foot: $584
– One-year change: +25.1%

Metros with highest median gross sales value per sq. foot
#1. San Francisco, CA metro space: $1,122
#2. San Jose, CA metro space: $957
#3. Kahului, HI metro space: $927

Metros with lowest median gross sales value per sq. foot
#1. Cumberland, MD metro space: $74
#2. Pine Bluff, AR metro space: $83
#3. Saginaw, MI metro space: $93

Gross sales to record value ratio

San Diego, CA metro space:
– Common gross sales to record value ratio: 1.06
– One-year change: +0.03

Metros with highest gross sales to record value ratio
#1. Oakland, CA metro space: 1.15
#2. San Jose, CA metro space: 1.14
#3. San Francisco, CA metro space: 1.13

Metros with lowest gross sales to record value ratio
#1. Cumberland, MD metro space: 0.97
#2. Utica, NY metro space: 0.97
#3. Gadsden, AL metro space: 0.98

Houses offered with value drops

San Diego, CA metro space:
– Houses offered with value drops: 6.4%
– One-year change: -1.3%

Metros with most houses offered with value drops
#1. Watertown, NY metro space: 34.1%
#2. Cumberland, MD metro space: 31.3%
#3. New York, NY metro space: 30.6%

Metros with least houses offered with value drop
#1. Crestview, FL metro space: 0.4%
#2. Seattle, WA metro space: 3.4%
#3. San Jose, CA metro space: 3.6%

Off market in two weeks

San Diego, CA metro space:
– Off market in two weeks: 75.4%
– One-year change: +5.3%

Metros with probably the most houses off market in two weeks
#1. Seattle, WA metro space: 90.7%
#2. Olympia, WA metro space: 89.2%
#3. Rochester, NY metro space: 88.3%

Metros with the least houses off market in two weeks
#1. City Honolulu, HI metro space: 3.2%
#2. Appleton, WI metro space: 4.6%
#3. Oshkosh, WI metro space: 6.5%

Months of provide

San Diego, CA metro space:
– Months of provide: 3.8 months
– One-year change: -0.9 months

Metros with probably the most months of provide
#1. Atlantic Metropolis, NJ metro space: 18.5 months
#2. McAllen, TX metro space: 17.8 months
#3. New York, NY metro space: 17.4 months

Metros with least months of provide
#1. Lewiston, ME metro space: 2.2 months
#2. Portland, ME metro space: 2.9 months
#3. Olympia, WA metro space: 3.1 monthsThis story initially appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.