Average Home Sale Time By Zip Code

Average Home Sale Time By Zip Code – Home prices historically fall in epidemic-prone cities and high-priced coastal markets. Nationwide, the average home sale price fell nearly $18,000 from a year earlier in April as rising mortgage rates dampened home buyer demand.

The average US home sales price fell 4.1% ($17,603) year over year in April to $408,031. That’s the lowest on record in dollar terms and the biggest drop since January 2012 in percentage terms. April was the third month in a series of year-over-year declines after a decade of increases.

Average Home Sale Time By Zip Code

Home prices fell from a year earlier as rising mortgage rates dampened home buyer demand, but also because prices were near their all-time highs at the same time last year. The median sale price in April 2022 was $425,634 – just shy of the record $432,109 set the following month.

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The biggest declines were in California’s more expensive markets and cities hit hard by the pandemic, where prices rose to unsustainable levels during the pandemic and are now coming down. The largest decline was seen in the metropolitan area of ​​Oakland, CA (-16.1% or $174,500 YoY), followed by Austin, TX (-15.3% or $85,000), Boise, ID (- 15.1% or $80,000), San Francisco (-13.4% or $220,000) and Salt Lake City (-10.9% or $60,000). In percentage terms, five metros posted the largest declines on record in April, except for Boise, which posted the second largest decline on record (the largest was in March). The records go back to 2012.

High loan rates keep buyers and sellers on the fence. New listings fell 26.1% year over year in the adjusted April period as homeowners waited to keep their prices low. That is the biggest drop on record since April 2020, when the housing market collapsed at the start of the pandemic. The new listing was the lowest on record, except for April 2020.

“Increased mortgage rates prevent potential buyers from buying and sellers from selling. And because sellers aren’t selling, buyers out there have limited options, said Chief Economist Daryl Fairweather. “Home prices have been falling due to slow homebuyer demand, but the lack of real estate has kept them from falling significantly during the Great Recession. In some areas, there are so few listings that prices go up because there are a limited number of buyers competing for a limited number of homes. “

Pending home sales fell 21% year-over-year on a seasonally adjusted basis in April, an improvement on the 36.1% decline on record. Pending sales rose 3.1% from March, the biggest month-over-month increase since December and the biggest increase since September 2021.

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Despite a slow housing market and falling prices, many homes still sell quickly and attract multiple offers because buyers are limited in options. Almost half (47.8%) of households who entered into a contract in April did so within two weeks. It’s down from 58.4% last year, but higher than any April recorded before the pandemic.

Some buyers find that they have to offer more than the asking price to win a home. One-third (33.6%) of homes sold in April were purchased above the last list price. It’s down from 58.7% last year but higher than any April recorded before the pandemic. Almost half (45.9%) of the home offers written by agents were competitive. Although that’s down from 59.2% a year earlier, the share has held steady at around 45% for the past six months as the housing market slows.

“All of my listings get multiple offers and usually sell weekly because there are so few homes for sale,” said Costanza Genoese-Zerbi, a Premier real estate agent in Los Angeles. “I recently sold a condo that had no laundry, no parking or air conditioning. It received six offers and went for $40,000 over its $380,000 list price. “

Pending home sales fell in every US metro area analyzed in April, but five of the 10 metros with the smallest declines were in Texas. In Fort Worth, TX, pending sales fell just 0.8%, the smallest decline in the country. Then came Dallas (-1.9%), Northport, FL (-5.2%), Atlanta (-7.4%), Detroit (-8.7%), Indianapolis (-11%), McAllen, TX (-11.1%), Tampa , FL (-11.3%), San Antonio (-12.9%) and El Paso, TX (-13%).

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The five Texas metros mentioned above also made the list of areas with the least decline in the new list. Sales are going well in Texas in part because the supply shortage isn’t too bad. New listings were down in every major US metro area analyzed in April, but six out of 10 metros in Texas had small declines. In El Paso, new listings fell 0.2%, the smallest decline in the United States. It was followed by McAllen (-1.5%), Nashville (-7.4%), Northport (-13.5%), Fort Worth (-16%), San Antonio (-17.4%), Austin (-17.4%), Memphis (-18.2% ), Dallas (-18.8%) and Pittsburgh (-19%).

The list in Texas has held up well in part because state builders have been active. Rising mortgage rates are not affecting homebuilders as much as individual homeowners because they are not yet locked into low mortgage rates, even though high interest rates make it more expensive for them to borrow money. Still, Texas issued 263,000 building permits last year, more than any other state and more than second-place Florida, which had 212,000.

“In the Fort Worth area, all the new construction means buyers aren’t deterred by a lack of new inventory. They’re building all over the place and at different price points,” said real estate agent Gena Campbell. “Still, housing prices are not low enough for everyone. Many people – especially first-time home buyers – are unable to purchase a home due to rising housing and property values.

The data in the bulletins below comes from a list of 91 metro areas in the US with a population of at least 750,000, excluding competitive data. Selected metros may be included from time to time to ensure data accuracy. A complete table of metro-level data can be found on the “Download” tab in the dashboard posted above, or in the monthly section of the Data Center. See our metrics definitions page for an explanation of the metrics used in this report. Metro level data is not seasonally adjusted.

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The data below comes from a list of metros with a monthly average of at least 50 offers submitted by agencies from March 2021 to March 2022. An offer is considered part of a bidding war if the agency declares that it has received at least one competing offer. .

As a data reporter, Lily is passionate about helping students understand the complexities of the housing market. She has a special interest in the issues of climate change, gender equality and housing affordability. Prior to acting, Lily spent four years as a reporter for Bloomberg News in New York City.

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By Team ATTOM | July 20, 2023 | Home Sales & Prices, Real Estate News – Latest Articles

IRVINE, California. – July 20, 2023 – ATTOM, the leading keeper of real estate, property, and residential data, today released its second quarter 2023 Home Sales Report, which shows the margins for the median-priced single-family home. and the sale of condos in the United States increased to 47.7 percent in the second quarter – the first annual gain.

The improvement in average income, from 43.9 percent in the first quarter of 2023, came amid a rebound in the US housing market that pushed the national median price up 10 percent in the quarter to $350,000. Both national and median household incomes. The price rose after reversing three straight quarterly declines that started the market’s decade-long boom.

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However, despite the retailer’s fortunes turning around in the second quarter, the average investment return across the country remained below the recent 53.2 percent, recorded a year earlier in the second quarter of 2022.

“Just when it looked like the housing market was going down, prices went up, pushing realtor profits back to their highest level in nearly a decade,” said Rob Barber, CEO of ATTOM. “Stable mortgage rates, a steady supply of homes for sale and a normal Spring pick-up in buyer demand appear to have combined to halt the decline we began to see last year. It’s too early to tell one

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