According to the Mortgage Bankers Association, mortgage applications are down 5% since last week. With rising mortgage rates and median house price trending in the same direction, the downward trend in home sales (down 4.5% year over year) appears to be continuing.

Since March 2022, the National Association of Realtors found that median home prices rose 15% year over year to $375,300. Rising interest rates combined with low home inventory dampened hope for buyers across the United States

Freddie Mac reported this week that the average loan rate for a 30-year fixed rate mortgage, it was 5.11%. This is only a 0.11% increase from last week. Nonetheless, continued rate hikes appear to be dampening many people’s home ownership ambitions.

“Ongoing concerns about rapid inflation and tighter US monetary policy continued to push Treasury yields higher, pushing mortgage rates to their highest level in more than a decade. Rates rose to all levels for all types of loans, with the 30-year fixed rate reaching [nearly] 5.2%, the highest level since 2010,” said Joel Kan, MBA associate vice president of economic and industry forecasting.

To help you stay up to date with the market, ZeroDown compiled a weekly real estate market report using data from red fin. The stats are from the four weeks ending April 17, 2022. Metros with more than 50 homes sold during that time period were considered for metro-level rankings for each statistic.

Median selling price

Birmingham Metro Area, AL:

– Median selling price: $288,312

– Change over one year: +14.8%

Median selling price per square foot

Birmingham Metro Area, AL:

– Median selling price per square foot: $148

– Change over one year: +14.0%

Sales/list price ratio

Birmingham Metro Area, AL:

– Average ratio of sales to list price: 1.02

– Change over one year: +0.02

Homes sold with price reductions

Birmingham Metro Area, AL:

– Houses sold with price reductions: 13.1%

– Change over one year: -0.5%

Out of market in two weeks

Birmingham Metro Area, AL:

– Off market in two weeks: 12.1%

– Change over one year: -11.4%

Months of supply

Birmingham Metro Area, AL:

– Months of supply: 8.0 months

– Change over one year: -1.8 months

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