news
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.

Here are some other articles you may find useful
2 MIN READ
Market Report - December 2022

  Market Report - December 2022 2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activ

SHOW MORE
2 MIN READ
Market Report - September 2020

  Market Report - September 2020 Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained sup

SHOW MORE
3 MIN READ
A Year In Review - 2023 Market Report

  A Year In Review - 2023 Market Report 2023 was a challenging year for the U.S. housing market: mortgage rates hit a 2-decade high, housing inventory remained at historic lows, and sales prices continued to climb nationwide, putting homeownersh

SHOW MORE
2 MIN READ
Market Report - December 2022

  Market Report - December 2022 2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activ

SHOW MORE
2 MIN READ
Market Report - September 2020

  Market Report - September 2020 Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained sup

SHOW MORE
Contact Me
Please complete this form and I will respond to you in confidence.
Code:
Send Message
* The phone number must be a valid phone number.
* The email must be a valid email.
Thank you for reaching out, we'll be in touch soon.