DENVER (STACKER) – Spring home buying season is known to be quite robust, but with interest rates continuing to steadily climb, no one knows what this spring will ultimately bring.

Last week, the average interest rate on a 30-year fixed rate mortgage reached 5.37%, up from 5.20% last week and still the highest since 2009. These rising rates are a major contributor to the continued decline in mortgage applications. According to Mortgage Bankers Associationmortgage applications are down 8.3% in the past week alone.

Commenting on the current trend in rates versus applications, Joel Kan, Associate Vice President of Economic and Industry Forecasting at the MBA, said, “With mortgage rates rising last week to their highest level since 2009 , applications continued to decline.

Overall request activity fell to its lowest level since 2018, with purchase and refinance requests showing declines. Refinance requests were 70% lower than the same week a year ago, when the 30-year fixed rate was around 3%.

To help you stay up to date with the market, ZeroDown compiled a weekly report on the real estate market in the Denver, CO metro area using data from red fin. The stats are from the four weeks ending April 24, 2022. Metros with more than 50 homes sold during that time period were considered for metro-level rankings for each statistic.

Median selling price

Denver, CO Metro Area:
– Median selling price: $617,813
– Change over one year: +19.4%

Metros with the highest median sale price
#1. Metro San Francisco, California: $1.7 million
#2. Metro San Jose, CA: $1.6 million
#3. Metro Santa Cruz, CA: $1.3 million

Subways with the lowest median sale price
#1. Cumberland Metropolitan Area, MD: $106,375
#2. Bay City, MI Metro Area: $123,731
#3. Pine Bluff, AR metro area: $130,838

Median selling price per square foot

Denver, CO Metro Area:
– Median selling price per square foot: $300
– Change over one year: +20.2%

Metros with the highest median selling price per square foot
#1. Metro San Francisco, CA: $1,125
#2. Kahului, HI metro area: $986
#3. Metro San Jose, CA: $959

Subways with the lowest median selling price per square foot
#1. Cumberland, MD Metro Area: $74
#2. Pine Bluff, AR metro area: $79
#3. St. Joseph, MO Metropolitan Area: $92

Sales/list price ratio

Denver, CO Metro Area:
– Average ratio of sales to list price: 1.07
– Change over one year: +0.03

Metros with the highest sales/list price ratio
#1. Oakland, CA metro area: 1.15
#2. Metro San Jose, CA: 1.14
#3. San Francisco, California Metro Area: 1.13

Metros with the lowest sales/list price ratio
#1. Beaumont, Texas Metro Area: 0.97
#2. Cape Girardeau Metropolitan Area, Missouri: 0.98
#3. St. Joseph Metropolitan Area, MO: 0.98

Homes sold with price reductions

Denver, CO Metro Area:
– Homes sold with price reductions: 6.3%
– Change over one year: -1.8%

Metros with most homes sold with price cuts
#1. Watertown, New York metro area: 32.3%
#2. New York, NY Metro Area: 28.8%
#3. Kingston, NY metro area: 28.3%

The metros with the fewest homes sold with a price drop
#1. Crestview, Florida Metro Area: 0.7%
#2. Hinesville, Georgia metro area: 2.9%
#3. Seattle, Washington Metro Area: 3.8%

Out of market in two weeks

Denver, CO Metro Area:
– Out of market in two weeks: 87.0%
– Change over one year: +1.0%

Metros with the most homes off the market in two weeks
#1. Seattle, Metro Washington: 89.8%
#2. Olympia, Washington Metro Area: 89.1%
#3. Rochester, New York metro area: 88.8%

Metros with the fewest homes off the market in two weeks
#1. Urban Honolulu, HI metro area: 3.1%
#2. Appleton, Greater Wisconsin: 3.8%
#3. Oshkosh Metropolitan Area, WI: 6.3%

Months of supply

Denver, CO Metro Area:
– Months supply: 3.3 months
– Change over one year: -0.0 months

Metros with the most months of supply
#1. Beaumont, Texas Metro Area: 18.9 months
#2. Atlantic City, NJ Metro Area: 18.5 months
#3. New York, NY Metro Area: 17.6 months

Metros with the least months of supply
#1. Metropolitan Lewiston, ME: 2.2 months
#2. Portland, ME Metro Area: 3.0 months
#3. Denver, CO metro area: 3.3 months

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