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Market Report - August 2022

 

Market Report - August 2022


Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new home sales and construction to slow.


New Listings were down 23.8 percent to 506. Pending Sales decreased 13.8 percent to 511. Inventory grew 20.6 percent to 935 units.


Prices moved higher as Median Sales Price was up 13.6 percent to $459,500. Days on Market increased 19.1 percent to 106 days. Months Supply of Inventory was up 50.0 percent to 1.8 months, indicating that supply increased relative to demand.


Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.

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