JOPLIN, Mo. — As mortgage rates rise in concert with The Fed’s recent rate hikes, fears about the American housing market pricing out tens of millions of would-be homebuyers continue to fester.

The interest rate on a 30-year fixed rate mortgage is hovering around 6%.

And not only is it becoming more expensive to borrow money, but most real estate investors and builders have said they don’t anticipate housing prices will drop significantly but will instead grow at a slower rate.

There are signs, however, that the real estate market is shifting ever so slightly toward the buyer.

Recent data shows home builders have started lowering prices for newly built homes as demand has cooled.

Home sales in June were down 8.6% year-over-year, according to the National Association of Realtors.

It’s the fourth-straight month of declining activity.

| These Are The Fastest Cooling Real Estate Markets In The U.S. >

June also saw the median home price break $400,000 for the first time in history.

“We’re not going to see distressed sales, but we could see a decline in prices if the economy is hurt so bad that buyers just can’t afford the high prices that sellers want,” Redfin’s chief economist said this week in response to the release of housing data from June.

To help you stay current on the market, ZeroDown compiled a weekly real estate market report in the Joplin metro area using data from Redfin.

Statistics are as of the four weeks ending June 19, 2022.

Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.

Median Sales Price

Joplin, MO metro area:
-Median sales price: $197,386
-One-year change: +18.0%

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: $127,375
#2. Bay City, MI metro area: $136,438
#3. Cumberland, MD metro area: $138,338

Median Sales Price Per Square Foot

Joplin, MO metro area:
-Median sales price per square foot: $110
-One-year change: +17.1%

Metros with highest median sales price per square foot:
#1. San Francisco, CA metro area: $1,111
#2. Kahului, HI metro area: $945
#3. San Jose, CA metro area: $917

Metros with lowest median sales price per square foot:
#1. Pine Bluff, AR metro area: $86
#2. Carbondale, IL metro area: $86
#3. Peoria, IL metro area: $87

Months of Supply

Joplin, MO metro area:
-Months of supply: 47.8 months
-One-year change: +2.1 months

Metros with the most months of supply:
#1. Lake Charles, LA metro area: 220.1 months
#2. Springfield, MO metro area: 71.1 months
#3. Joplin, MO metro area: 47.8 months

Metros with least months of supply:
#1. Greenville, NC metro area: 3.6 months
#2. Wichita, KS metro area: 4.0 months
#3. Columbus, IN metro area: 4.0 months