Home News Here’s the latest update on Birmingham real estate

Here’s the latest update on Birmingham real estate

by admin
0 comment

According to the Mortgage Bankers Association, applying for a mortgage 5% down since last week. Mortgage rates have risen, Median home price Home sales are expected to continue their downward trend (down 4.5% year-on-year) in the same direction.

As of March 2022 National Real Estate Agents Association We found that median home prices rose 15% year-on-year, jumping to $ 375,300.Rising interest rates, coupled with low housing inventories, have put a wrench on the wishes of buyers across the United States.

This week’s Freddie Mac Average loan rate The 30-year fixed mortgage hit was 5.11%, an increase of only 0.11% from last week. Nonetheless, continued rate hikes seem to put a pinch on many people’s ambitions for homeowners.

“Rapid inflation and continued concerns over US monetary tightening policies have continued to raise Treasury yields, pushing mortgage rates to their highest levels in more than a decade. Interest rates for all loan types. All-out rise, 30-year fixed interest rates hit [nearly] 5.2%, the highest level since 2010, “said Joel Kang, vice president of economics and industry forecasting at the MBA.

To stay up to date in the market ZeroDown Edit weekly real estate market reports using data from Redfin.. Statistics are for 4 weeks until April 17, 2022. Metros with more than 50 homes sold during this period were considered in the metro-level rankings of each statistic.

Median selling price

Birmingham Metropolitan Area, Alabama:

-Median selling price: $ 288,312

-1 year change: + 14.8%

Median selling price per square foot

Birmingham Metropolitan Area, Alabama:

-Median selling price per square foot: $ 148

-1 year change: + 14.0%

Ratio of sales to list price

Birmingham Metropolitan Area, Alabama:

-Ratio of average sales to list price: 1.02

-Change for 1 year: +0.02

Houses sold at reduced prices

Birmingham Metropolitan Area, Alabama:

-House sold at reduced price: 13.1%

-Change over 1 year: -0.5%

Out of market in 2 weeks

Birmingham Metropolitan Area, Alabama:

-Out of market in 2 weeks: 12.1%

-Change over 1 year: -11.4%

Number of months of supply

Birmingham Metropolitan Area, Alabama:

-Supply months: 8.0 months

-Change for 1 year: -1.8 months

This story originally appeared ZeroDown Produced and distributed in collaboration with Stacker Studio.

You may also like