Market Report - October 2022
Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.
New Listings were down 10.0 percent to 493. Pending Sales decreased 34.8 percent to 360. Inventory grew 43.7 percent to 993 units.
Prices moved higher as Median Sales Price was up 9.3 percent to $495,930. Days on Market increased 54.1 percent to 131 days. Months Supply of Inventory was up 81.8 percent to 2.0 months, indicating that supply increased relative to demand.
The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.