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Updated: March 20, 2022 @ 12:25 am
Real estate platform
compiled major statistics for the Twin Falls, ID metro area real estate market for the four weeks ended March 13, 2022.
If anything can be said about the current state of the real estate market, it’s that change is coming. For the last two years, the pandemic has kept mortgage rates extremely low across the U.S.—with rates dipping below 3% at certain points. Those record-low mortgage rates made it a lot less expensive for buyers to borrow money for home purchases, despite home purchase prices skyrocketing in markets across the nation.
That trend has now changed course. As of the week of Feb. 11, rates on 30-year, fixed-rate mortgage loans had topped 4% for the first time since 2019. That’s not only a jump from the week prior when rates hovered around 3.83%, but is also an unwelcome milestone for borrowers who were looking to purchase homes at record-low rates. This rate shift could also have a significant impact on other areas of the market—from refinancing loans to the rate of mortgage applications—over time.
That’s not the only significant real estate market shift that has occurred this week either. Not only are buyers facing rising interest rates, but home prices continue to soar, too. Right now, homebuyers are currently facing one of the priciest housing markets in history—and, in turn, the average purchase loan size has grown. The average purchase loan size for conventional loans set a new record of $453,000. The larger average mortgage loan is a clear sign homebuyers are borrowing larger sums of money to purchase homes in this expensive market.
To help you stay current on what’s happening in the housing market, real estate platform ZeroDown compiled a weekly real estate market report for Twin Falls using data from Redfin. Housing market statistics feature data for the four weeks ending Jan. 30, 2022. Metros with more than 50 homes sold during the time period were considered for metro-level rankings for each statistic.
Twin Falls, ID metro area:
– Median sales price: $316,080
– One-year change: +23.8%
Metros with highest median sales price
#1. San Francisco, CA metro area: $1.4 million
#2. San Jose, CA metro area: $1.4 million
#3. Santa Cruz, CA metro area: $1.1 million
Metros with lowest median sales price
#1. Cumberland, MD metro area: $119,208
#2. Bay City, MI metro area: $119,612
#3. Saginaw, MI metro area: $132,788
Twin Falls, ID metro area:
– Median sales price per square foot: $223
– One-year change: +36.2%
Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,106
#2. San Jose, CA metro area: $944
#3. Kahului, HI metro area: $826
Metros with lowest median sales price per square foot
#1. Cumberland, MD metro area: $72
#2. Bay City, MI metro area: $87
#3. Anniston, AL metro area: $90
Twin Falls, ID metro area:
– Average sales to list price ratio: 1.00
– One-year change: +0.00
Metros with highest sales to list price ratio
#1. San Jose, CA metro area: 1.14
#2. San Francisco, CA metro area: 1.13
#3. Oakland, CA metro area: 1.13
Metros with lowest sales to list price ratio
#1. Cumberland, MD metro area: 0.95
#2. Jonesboro, AR metro area: 0.95
#3. Rome, GA metro area: 0.97
Twin Falls, ID metro area:
– Homes sold with price drops: 15.9%
– One-year change: +15.9%
Metros with most homes sold with price drops
#1. Grants Pass, OR metro area: 38.7%
#2. Watertown, NY metro area: 35.8%
#3. New York, NY metro area: 34.0%
Metros with least homes sold with price drop
#1. San Jose, CA metro area: 3.8%
#2. Seattle, WA metro area: 3.9%
#3. San Francisco, CA metro area: 5.3%
Twin Falls, ID metro area:
– Off market in two weeks: 61.4%
– One-year change: +44.9%
Metros with the most homes off market in two weeks
#1. Seattle, WA metro area: 92.2%
#2. Olympia, WA metro area: 88.9%
#3. Denver, CO metro area: 88.7%
Metros with the least homes off market in two weeks
#1. Myrtle Beach, SC metro area: 1.4%
#2. Appleton, WI metro area: 3.1%
#3. Urban Honolulu, HI metro area: 5.4%
Twin Falls, ID metro area:
– Months of supply: 6.4 months
– One-year change: -2.9 months
Metros with the most months of supply
#1. Atlantic City, NJ metro area: 18.7 months
#2. New York, NY metro area: 17.8 months
#3. Glens Falls, NY metro area: 15.7 months
Metros with least months of supply
#1. Lewiston, ME metro area: 2.0 months
#2. Seattle, WA metro area: 3.0 months
#3. Denver, CO metro area: 3.0 months
This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.
As home-buying season kicks off, average mortgage rates exceeded 4%—their highest levels since May 2019, Freddie Mac announced Thursday.
To help you stay current on the market, ZeroDown compiled a weekly real estate market report in Twin Falls using data from Redfin. Statistics are as of the four weeks ending March 13. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.
Mortgage applications for new home purchases dropped 3.9% between February 2021 and 2022, according to Builder Application Survey data for February 2022 from the Mortgage Bankers Association. This also marks a 1% drop since January of this year. MBA further estimates that new home sales slumped for a third consecutive month in February with 791,000 units sold.
In early March, Federal Reserve Chair Jerome Powell came out in favor of a .25-point interest rate increase to mitigate inflation. Officials responded Wednesday by voting for that increase to interest rates—the first since December 2018—and for six more such hikes before the end of the year. That will translate to higher financing costs for many Americans’ borrowing and credit.
As of Thursday, the average 30-year fixed mortgage rate sat at 4.16%—up from 3.09% at the same time last year.
Twin Falls, ID metro area:
– Median sales price: $344,625
– One-year change: +23.4%
Metros with highest median sales price
#1. San Francisco, CA metro area: $1.6 million
#2. San Jose, CA metro area: $1.6 million
#3. Santa Cruz, CA metro area: $1.2 million
Metros with lowest median sales price
#1. Cumberland, MD metro area: $99,700
#2. St. Joseph, MO metro area: $122,875
#3. Springfield, OH metro area: $124,662
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