Metros where homes are selling for the most under asking price | Entertainment News

It’s a tough time to be in the market for a new house.

The average 30-year fixed rate mortgage rose above 7% at the start of November as the Federal Reserve has raised its benchmark rates month after month to combat inflation. Even a half of a percentage point increase can have an outsized impact on the monthly payments required for a mortgage.

Since mortgage rates have been under 4% for the better part of the last decade, homebuyers have locked in mortgage rates that are far more affordable than what’s suddenly on offer in today’s high rate environment. And sellers aren’t exactly coming down on price – home prices are still increasing, just more slowly than they did from 2020-2021.

And yet there are still metro areas where home buyers are finding homes selling for below asking price.

Stacker analyzed data from Redfin to see which metros had the most homes sold under asking price. Data shows sales for the week ending 11/06/22. Metros where fewer than 12 homes were sold were excluded from this list. Metros are ranked based on the average sale to list ratio. This is a mean ratio of the home sale price divided by the list price.

In the first week of November 1,676 homes were sold across the 50 metro areas analyzed for a median sale price of just over $260,000.

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