April 2022 Housing Market Trends Report

In addition to an increase in new listings, buyer demand has moderated due to the combination of rising interest rates and all-time high listing prices that have increased the cost of financing 80% of the typical home listing by almost 50% compared to a year ago. The number of pending listings on a typical day (listings that are at various stages of the selling process that are not yet sold), has declined by 9.5% compared to last April, indicating that a moderation in demand is also softening the rate of turnover in inventory. Markets which are still seeing a large decline in newly listed homes compared to last year include Chicago (-15.0%), Virginia Beach (-14.8%), and Washington, D.C. (-14.1%).

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