DENVER (STACKER) — The spring homebuying season is known to be fairly robust, but with interest rates continuing their steady climb it’s anyone’s guess what this spring will ultimately result in.
This past week, the average interest rate for a 30-year fixed-rate mortgage reached 5.37%, up from 5.20% last week and still the highest since 2009. These rising rates are a major contributor to the continual decrease in mortgage applications. According to the Mortgage Banker’s Association, mortgage applications have decreased by 8.3% in the past week alone.
Of the ongoing trend in rates vs. applications, Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said, “With mortgage rates increasing last week to the highest level since 2009, applications continued to decline.
Overall application activity fell to the lowest level since 2018, with both purchase and refinance applications posting declines. Refinance applications were 70% below the same week a year ago, when the 30-year fixed rate was in the 3% range.”
To help you stay current on the market, ZeroDown compiled a weekly real estate market report in Denver, CO metro area using data from Redfin. Statistics are as of the four weeks ending April 24, 2022. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.
Median sales price
Denver, CO metro area:
– Median sales price: $617,813
– One-year change: +19.4%
Metros with the highest median sales price
#1. San Francisco, CA metro area: $1.7 million
#2. San Jose, CA metro area: $1.6 million
#3. Santa Cruz, CA metro area: $1.3 million
Metros with the lowest median sales price
#1. Cumberland, MD metro area: $106,375
#2. Bay City, MI metro area: $123,731
#3. Pine Bluff, AR metro area: $130,838
Median sales price per square foot
Denver, CO metro area:
– Median sales price per square foot: $300
– One-year change: +20.2%
Metros with the highest median sales price per square foot
#1. San Francisco, CA metro area: $1,125
#2. Kahului, HI metro area: $986
#3. San Jose, CA metro area: $959
Metros with the lowest median sales price per square foot
#1. Cumberland, MD metro area: $74
#2. Pine Bluff, AR metro area: $79
#3. St. Joseph, MO metro area: $92
Sales to list price ratio
Denver, CO metro area:
– Average sales to list price ratio: 1.07
– One-year change: +0.03
Metros with the highest sales to list price ratio
#1. Oakland, CA metro area: 1.15
#2. San Jose, CA metro area: 1.14
#3. San Francisco, CA metro area: 1.13
Metros with the lowest sales to list price ratio
#1. Beaumont, TX metro area: 0.97
#2. Cape Girardeau, MO metro area: 0.98
#3. St. Joseph, MO metro area: 0.98
Homes sold with price drops
Denver, CO metro area:
– Homes sold with price drops: 6.3%
– One-year change: -1.8%
Metros with most homes sold with price drops
#1. Watertown, NY metro area: 32.3%
#2. New York, NY metro area: 28.8%
#3. Kingston, NY metro area: 28.3%
Metros with least homes sold with a price drop
#1. Crestview, FL metro area: 0.7%
#2. Hinesville, GA metro area: 2.9%
#3. Seattle, WA metro area: 3.8%
Off-market in two weeks
Denver, CO metro area:
– Off-market in two weeks: 87.0%
– One-year change: +1.0%
Metros with the most homes off-market in two weeks
#1. Seattle, WA metro area: 89.8%
#2. Olympia, WA metro area: 89.1%
#3. Rochester, NY metro area: 88.8%
Metros with the least homes off-market in two weeks
#1. Urban Honolulu, HI metro area: 3.1%
#2. Appleton, WI metro area: 3.8%
#3. Oshkosh, WI metro area: 6.3%
Months of supply
Denver, CO metro area:
– Months of supply: 3.3 months
– One-year change: -0.0 months
Metros with the most months of supply
#1. Beaumont, TX metro area: 18.9 months
#2. Atlantic City, NJ metro area: 18.5 months
#3. New York, NY metro area: 17.6 months
Metros with the least months of supply
#1. Lewiston, ME metro area: 2.2 months
#2. Portland, ME metro area: 3.0 months
#3. Denver, CO metro area: 3.3 months
This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.
