NEW LISTINGS: 3827 vs 3350 -12.5%

CLOSED SALES: 3006 vs 2939 -2.2%

MEDIAN SALE PRICE: $302,590 vs $374,900 +23.9%

PERCENT OF LIST PRICE RECEIVED: 100.3% vs 102.4% +2.1%

DAYS ON MARKET UNTIL SALE: 21 days vs 17 days -19%

MARKET UPDATE

February 2021 vs February 2022

NEW LISTINGS: 

CLOSED SALES: 

MEDIAN SALE PRICE: 

PERCENT OF LIST PRICE RECEIVED: 

DAYS ON MARKET UNTIL SALE: 

INVENTORY OF HOMES FOR SALE: 

267 vs 103 -61.4%

Rates jumped to an average of 4.42%—the highest they’ve been in more than three years—and they’re expected to keep climbing. The rates were for 30-year fixed-rate loans in the week ending on March 24, according to Freddie Mac. Just a year ago, rates were more than a full percentage point lower, at 3.17%.

While that might not seem like much of an increase, it adds about $375 a month to a buyer’s mortgage payment. Over a 30-year loan, buyers will pay about $135,000 more than they would have just a year ago. This assumes they purchased a median-priced home of $392,000 with 20% down and a 30-year fixed-rate loan. The rate changes will cost buyers who take out larger loans even more.

Rates are expected to keep rising as well. That’s because they typically follow the federal short-term interest rate. And the U.S. Federal Reserve recently raised those rates and is expected to raise them several times more this year to combat soaring inflation.