What's Happening In The Market?
Please note: this SFAR data is for March 2022
Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.
New Listings were down 25.9 percent for single family homes and 31.5 percent for Condo/TIC/Coop properties. Pending Sales decreased 2.1 percent for single family homes and 10.1 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 17.7 percent to $2,030,000 for single family homes and 0.3 percent to $1,225,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 46.4 percent for single family units and 44.6 percent for Condo/TIC/Coop units.
Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.