Ad Spot

October 2, 2022

Anniston weekly real estate update

Alena Mozhjer // Shutterstock

Anniston weekly real estate update

Purchasing a first home just got a whole lot more difficult for first time home buyers whom experts say could soon be priced out of the U.S. real estate market writ large.

That’s because the Fed announced the largest interest rate hike since 1994. The increase is anticipated to drive 30-year mortgage rates to levels that will price out millions more potential homebuyers.

Year to date mortgage rates have risen from 3% to around 6%, meaning monthly mortgage payments for a $400,000 home purchased today have effectively risen 42% from what they would have been six months ago, according to MarketWatch.

The most concerning part? Builders and real estate experts don’t expect home values to decrease with the looming recession.

The dual forces of inflated home values and higher interest rates threaten to pinch Americans looking to get into a new home. And overall those same Americans are not seeing their wages increase at nearly the same level as other goods and services, housing included. The Fed has argued it must raise rates dramatically to cool the red-hot U.S. economy and prevent further price inflation.

And it is cooling. Home sales have been dropping month after month as the Fed has raised rates, and the market is expected to slow even further over the remainder of 2022. Big real estate firms are announcing massive layoffs this week – an indication that industry leaders see slower growth ahead.

ZeroDown compiled a weekly real estate market report in Anniston, AL metro area using data from Redfin. Statistics are as of the week of June 12, 2022.

Konstantin L // Shutterstock

Median sales price

Anniston, AL metro area:
– Median sales price: $170,912
– One-year change: +8.7%

Metros with highest median sales price
#1. San Francisco, CA metro area: $1.6 million
#2. San Jose, CA metro area: $1.5 million
#3. Santa Cruz, CA metro area: $1.2 million

Metros with lowest median sales price
#1. Davenport, IA metro area: $122,438
#2. Pine Bluff, AR metro area: $128,875
#3. Bay City, MI metro area: $132,875

Volodymyr Kyrylyuk // Shutterstock

Median sales price per square foot

Anniston, AL metro area:
– Median sales price per square foot: $102
– One-year change: +17.0%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,103
#2. San Jose, CA metro area: $924
#3. Kahului, HI metro area: $923

Metros with lowest median sales price per square foot
#1. Pine Bluff, AR metro area: $75
#2. Carbondale, IL metro area: $87
#3. Peoria, IL metro area: $88

scarp577 // Shutterstock

Sales to list price ratio

Anniston, AL metro area:
– Average sales to list price ratio: 1.00
– One-year change: +0.02

Metros with highest sales to list price ratio
#1. Rochester, NY metro area: 1.16
#2. San Francisco, CA metro area: 1.11
#3. Oakland, CA metro area: 1.11

Metros with lowest sales to list price ratio
#1. Weirton, WV metro area: 0.96
#2. Carbondale, IL metro area: 0.96
#3. Pine Bluff, AR metro area: 0.96

ungvar // Shutterstock

Homes sold with price drops

Anniston, AL metro area:
– Homes sold with price drops: 13.4%
– One-year change: -5.6%

Metros with most homes sold with price drops
#1. New York, NY metro area: 25.9%
#2. Chico, CA metro area: 25.1%
#3. Medford, OR metro area: 24.6%

Metros with least homes sold with price drop
#1. Columbia, MO metro area: 0.0%
#2. Evansville, IN metro area: 0.0%
#3. Hilton Head Island, SC metro area: 0.0%

4 PM production // Shutterstock

Off market in two weeks

Anniston, AL metro area:
– Off market in two weeks: 14.5%
– One-year change: -5.3%

Metros with the most homes off market in two weeks
#1. Rochester, NY metro area: 88.3%
#2. Kalamazoo, MI metro area: 81.8%
#3. Ames, IA metro area: 81.3%

Metros with the least homes off market in two weeks
#1. Urban Honolulu, HI metro area: 2.7%
#2. Morristown, TN metro area: 4.2%
#3. Oshkosh, WI metro area: 4.7%

FOTOGRIN // Shutterstock

Months of supply

Anniston, AL metro area:
– Months of supply: 10.2 months
– One-year change: -1.2 months

Metros with the most months of supply
#1. Lubbock, TX metro area: 177.8 months
#2. Brownsville, TX metro area: 31.8 months
#3. Lafayette, IN metro area: 24.2 months

Metros with least months of supply
#1. Greenville, NC metro area: 3.5 months
#2. Lewiston, ME metro area: 3.7 months
#3. Wichita, KS metro area: 3.8 months

This story originally appeared on ZeroDown and was produced and
distributed in partnership with Stacker Studio.

News

Alabama loses quarterback to injury, but beats Arkansas; Saban has never lost to them as Tide’s coach

News

Court denies ex-sheriff’s felony appeal, says no to new trial request

News

Alabama quarterback Bryce Young leaves game with apparent should injury

News

Alabama high school football scores; Did your team win or lose?

News

Louisiana man admits to grisly kidnapping and plans to dismember gay men

News

Freed Alabama men say they ‘prayed for death’ on brutal ride out of Ukraine

News

Alabama man shot his dog so many times it ultimately had to be euthanized, police say

News

Tua Tagovailoa has concussion, Dolphins coach says; no timeline for return or full prognosis

News

Grown man dons football helmet, attacks 9-year-old at youth practice, Florida police say

News

Alabama man admits he bribed prison guard with cash to get smuggled phones, drugs

News

Tua Tagovailoa’s frightening injury caused him to fall into a ‘fencing position’ what is that?

News

Alabama native, Baltimore Orioles player Gunnar Henderson named minor league player of year

News

Alabama woman charged with threatening teacher with baseball bat over confiscated earbuds

News

Investigation begun after dead body found in Alabama canal

News

Alabama man struck, killed in highway accident

News

Tua Tagovailoa leaves Dolphins game on stretcher with head, neck injuries

News

Alabama man, four others stole millions with fake university they created

News

Alabama man charged with sex crimes against a 10-year-old and 11-year-old

News

No. 2 Crimson Tide ready for SEC road game test against Arkansas

News

Ex-Alabama resident charged with kidnapping his own children, taking to Germany

News

Alabama woman charged in hit-and-run death of man checking mail

News

Prisoner work strike goes on as prisons cut meals, nix weekend visitation

News

Alabama elementary janitor charged with child porn possession

News

Two Alabama men stole mail with illegal postal service key, feds allege