Homebuyers Regain Some Control As Supply Grows And Demand Pulls Back

Limited Sense Of Control Comes At Great Cost

Mortgage Banker Magazine
Mortgage Banker Magazine
A couple admiring their new home.

Key housing market takeaways for 400+ U.S. metro areas:

(Unless otherwise noted, this data covers the four-week period ending May 29. Redfin’s weekly housing market data goes back through 2015.)

  • The median home sale price was up 16% year over year to a record $400,999.
  • The median asking price of newly listed homes increased 17% year over year to $412,450.
  • The monthly mortgage payment on the median asking price home declined slightly to $2,391 at the current 5.09% mortgage rate. This was up 40% from $1,710 a year earlier, when mortgage rates were 2.99%.
  • Pending home sales were down 8% year over year, the largest decrease since May 2020.
  • New listings of homes for sale were flat from a year earlier.
  • Active listings (the number of homes listed for sale at any point during the period) fell 10% year over year—the smallest decline since April 2020.
  • 54% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 53% a year earlier.
  • 39% of homes that went under contract had an accepted offer within one week of hitting the market, flat compared to a year earlier.
  • Homes that sold were on the market for a record-low median of 15 days, down from 19 days a year earlier.
  • A record 57% of homes sold above list price, up from 51% a year earlier.
  • On average, 5% of homes for sale each week had a price drop. Overall, 20.1% dropped their price in the past four weeks, up from 13.8% a month earlier and 10.1% a year ago. This was the highest share since October 2019.
  • The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, was flat at an all-time high of 102.8%. In other words, the average home sold for 2.8% above its asking price. This was up from 101.8% a year earlier.
Mortgage Banker Magazine
Mortgage Banker Magazine
This article was originally published in the Mortgage Banker June 2022 issue.
Published on
Jun 21, 2022
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