Weekly CA Real Estate Update / Lexington Park

As mortgage rates rise in concert with Fed rate hikes this month, fears over the price of the US housing market to tens of millions of potential buyers continue to mount.

The interest rate for a 30-year fixed rate mortgage is around 6%.

And not only is it getting more expensive to borrow money, but most real estate investors and builders said they don’t expect house prices to drop significantly, but rather growing up at a slower pace.

There are signs this week, however, that the real estate market is shifting ever so slightly towards the buyer. May data shows homebuilders started lower prices for newly built homes as demand has cooled.

Home sales in May were down 8.6% year over year, according to the National Association of Realtors. This is the fourth consecutive month of decline in activity. May also saw the median home price break $400,000 for the first time in history.

“We’re not going to see any distressed sales, but we could see a drop in prices if the economy is so badly hit that buyers just can’t afford the high prices that sellers want,” the statement said. Chief Economist of Redfin. said this week in response to the May housing data release.

To help you stay up to date with the market, ZeroDown compiled a weekly report on the real estate market in the California, MD metro area using data from red fin. The stats are from the four weeks ending June 19, 2022. Metros with more than 50 homes sold during that time period were considered for metro-level rankings for each statistic.

Median selling price

California Metropolitan Area/Lexington Park:

  • Median selling price: $393,461
  • Change over one year: +15.1%

Metros with the highest median sale price
#1. Metro San Francisco, California: $1.6 million
#2. Metro San Jose, California: $1.5 million
#3. Santa Cruz, CA metro area: $1.2 million

Subways with the lowest median sale price
#1. Davenport, IA metro area: $127,375
#2. Bay City, MI Metro Area: $136,438
#3. Cumberland Metropolitan Area, MD: $138,338

Median selling price per square foot

California Metropolitan Area/Lexington Park:

  • Median selling price per square foot: $176
  • Change over one year: +6.0%

Metros with the highest median selling price per square foot
#1. Metro San Francisco, CA: $1,111
#2. Kahului, HI metro area: $945
#3. Metro San Jose, CA: $917

Subways with the lowest median selling price per square foot
#1. Pine Bluff, AR metro area: $86
#2. Carbondale, Illinois metro area: $86
#3. Peoria, Illinois metro area: $87

Sales/list price ratio

California Metropolitan Area/Lexington Park:

  • Average ratio of sales to list price: 1.00
  • Change over one year: -0.01

Metros with the highest sales/list price ratio
#1. Rochester, New York Metro Area: 1.17
#2. Buffalo, NY Metro Area: 1.11
#3. Oakland, CA metro area: 1.10

Metros with the lowest sales/list price ratio
#1. Springfield, Missouri Metro Area: 0.91
#2. Pine Bluff, AR Metro Area: 0.96
#3. Lake Charles, LA Metro Area: 0.96

Homes sold with price reductions

California Metropolitan Area/Lexington Park:

  • Homes sold with price reductions: 16.2%
  • Change over one year: +6.1%

Metros with most homes sold with price cuts
#1. Beaumont, Texas metro area: 25.9%
#2. Pass Grants, Metro GOLD: 25.6%
#3. The Villages, Florida Metro Area: 25.4%

The metros with the fewest homes sold with a price drop
#1. Springfield, Missouri metro area: 0.0%
#2. Elkhart Metropolitan Area, IN: 0.0%
#3. Columbia, Missouri Metro Area: 0.0%

Out of market in two weeks

California Metropolitan Area/Lexington Park:

  • Off-market in two weeks: 37.0%
  • Change over one year: -9.5%

Metros with the most homes off the market in two weeks
#1. Rochester, New York Metro Area: 87.0%
#2. Kalamazoo, Michigan metro area: 80.3%
#3. Wichita, Kansas metro area: 80.1%

Metros with the fewest homes off the market in two weeks
#1. Urban Honolulu, HI metro area: 1.6%
#2. Oshkosh, Wisconsin metro area: 3.9%
#3. Corvallis Metropolitan Area, OR: 4.0%

Months of supply

California Metropolitan Area/Lexington Park:

  • Months of supply: 8.5 months
  • Change over one year: +1.3 months

Metros with the most months of supply
#1. Lake Charles, LA Metro Area: 220.1 months
#2. Springfield, MO metro area: 71.1 months
#3. Joplin, MO Metro Area: 47.8 months

Metros with the least months of supply
#1. Greenville, North Carolina metro area: 3.6 months
#2. Wichita, Kansas Metro Area: 4.0 months
#3. Columbus, IN metro area: 4.0 months

This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.


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