Spring 2022 Newsletter

Page 1

West San Gabriel Valley R E A LT O R S ®

CONNECTIONNEWSLETTER SPRING 2022 By Melissa Dittmann Tracey Spring may have sprung early in the housing market. The U.S. median list price set a record high of $392,000 in February, according to realtor. com®’s Monthly Housing Trends Report. Many markets continued to post double-digit annual price gains, led by Las Vegas, Miami, and Tampa, Fla., with annual increases of at least 31% each. “Over the last five years, we have seen home prices break records early in the season as buyers try to get ahead of the competition,” says Danielle Hale, realtor.com®’s chief economist. “But this is the first time the record has been broken in February, signaling that competition is already heating up weeks before the start of the spring buying season in a typical year.” The number of homes for sale remains at record lows. But home buyer demand remains high and home prices are surging as a result of competition for low housing inventories. Hale says a slight improvement has been made on the inventory front: February saw declines in new listings improve for the first time since November 2021. “Whether inventory continues to improve will depend on a variety of economic and geopolitical factors, including the conflict in Ukraine and mortgage rate hikes, which haven’t impacted home sales or price growth so far, but will increasingly lessen buyers’ purchasing power,” she says.

HOME PRICES SET RECORDS AHEAD OF SPRING BUYING Metro

Median Listing Price

Median Listing Price YoY

Median Listing Price/Sq. Ft. You

Active Listing Count YoY

New Listing Count YoY

Median Days on Market

Median Days on Market YoY

Price Reduced Share

Price Reduced Share YoY

Atlanta-Sandy Springs-Roswell, Ga.

$390.000

7.6%

8.8%

-17.4%

-1.0%

37

-5

10.8%

1.4%

Austin-Round Rock, Texas

$570,000

31.0%

15.4%

6.6%

-3.1%

27

-17

6.2%

2.6%

Baltimore-Columbia-Towson, Md.

$300.000

-3.8%

6.0%

-6.2%

4.9%

40

-15

13.5%

0.7%

Birmingham-Hoover, Ala.

$257.000

-1.5%

6.2%

-19.8%

16.2%

38

-19

11.0%

-0.5%

Boston-Cambridge-Newton,Mass.-N.H.

$749.000

10.2%

12.5%

-29.4%

-8.7%

29

-8

6.8%

-0.9%

$210,000

-4.5%

5.1%

-10.8%

0.0%

71

0

9.1%

-0.8%

Charlotte-Concord-Gastonia,N.C.-S.C.

Buffalo-Cheektowaga-Niagara Falls, N.Y.

$400.000

11.0%

15.5%

-34.5%

-25%

31

-4

10.0%

0.0%

Chicago-Naperville-Elgin,Ill.-Ind.-Wis

$325.000

-4,4%

-1.0%

-29.2%

-14.3%

43

-5

10.5%

0.5%

Cincinnati, Ohio-Ky.-Ind

$334.000

2.8%

14.5%

-15.1%

8.0%

66

4

10.2%

-0.4%

Cleveland-Elyria, Ohio

$175.000

-12.5%

0.9%

-9.2%

-8.5%

59

-8

12.5%

0.0%

Columbus, Ohio

$325,000

8.3%

12.3%

-4.7%

-3.5%

30

-9

9.8%

-2.9%

Dallas-Fort Worth-Arlington, Texas

$404,000

12.5%

17.3%

-34.2%

-0.3%

34

-8

6.4%

-2.7%

Denver-Aurora-Lakewood, Colo.

$649.000

18.0%

7.1%

-30.8%

-7.0%

10

-12

4.3%

-3.1%

Detroit-Warren-Dearborn,Mich.

$215.000

-17.3%

-2.5%

-4.4%

12.1%

38

-9

12.5%

2.0%

Hartford-West Hartford-East Hartford, Conn

$360.000

20.0%

127.2%

-64.0%

-2.4%

63

7

7.3%

0.7%

Houston-The Woodlands-Sugar Land, Texas

$360.000

8.1%

13.8%

-23.8%

-5.8%

43

-9

12.2%

0.5%

Indianapolis-Carmel-Anderson. Ind.

$290.000

9.4%

14.8%

-25.6%

-1.8%

44

-20

11.2%

-1.3%

Jackson, Fla.

$393.000

21.0%

22.8%

-26.3%

1.9%

41

-16

9.3%

-2.4%

Kansas City, Mo.-Kan.

$385.000

10.0%

16.7%

-3.1%

17.7%

67

-3

7.8%

-1.3%

Las Vegas-Henderson-Paradise, Nev.

$474.000

39.5%

28.6%

-31.4%

-9.2%

27

-12

8.6%

-0.3%

Los Angeles-Long Beach-Anaheim, Calif.

$919,000

-8.1%

2.8%

-36.0%

-11.0%

29

-6

6.4%

-2.3%

Cont’d on page 4 1


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