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MReport May 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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M REPORT | 53 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA four-week period ending April 10 include: • The median home sale price was up 17% year over year to a record high of $389,178. • The median asking price of newly listed homes increased 14% year over year to $397,747. • The monthly mortgage pay- ment on the median asking price home rose to a record high of $2,288 at the current 5% mortgage rate. This was up 35% from a year earlier, when mortgage rates were 3.04%. • Pending home sales were up 1% year-over-year. • New listings of homes for sale were down 7% from a year earlier, the 21st-straight annual decline. • Active listings (the number of homes listed for sale at any point during the period) fell 23% year over year. • 58% of homes that went under contract had an accepted offer within the first two weeks on the market, an all-time high. This was up from the 55% rate of a year earlier. • 44% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high. This was up from 41% during the same period a year earlier. • Homes that sold were on the market for a median of 18 days, down from 26 days a year earlier. • 54% of homes sold above list price, up from 42% a year earlier, and just shy of the all- time high seen in July of 2021. • On average, 3.2% of homes for sale each week had a price drop, with 13% dropping their price in the past four weeks. That's up from 10% a month earlier and 9% a year ago. The share of listings with price drops is climbing faster during this time of year than they have since at least 2015. Typically during this time of year the share of homes with price drops is slightly down month over month. • The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to an all- time high of 102.4%. In other words, the average home sold for 2.4% above its asking price. This was up from 100.4% in 2021. "Every offer I've written recently has faced multiple offers, but some people have finally had enough of all the competition and are pulling out." —James Gulden, Boston real estate agent, Redfin

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