Market Report - November 2022
Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
New Listings were down 4.1 percent to 446. Pending Sales decreased 35.5 percent to 349. Inventory grew 76.6 percent to 1,010 units.
Prices moved higher as Median Sales Price was up 16.2 percent to $499,480. Days on Market increased 38.1 percent to 134 days. Months Supply of Inventory was up 133.3 percent to 2.1 months, indicating that supply increased relative to demand.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.