What's Happening In The Market?
Please note: this SFAR data is for 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 27.3 percent for single family homes and 27.8 percent for Condo/TIC/Coop properties. Pending Sales decreased 24.9 percent for single family homes and 37.5 percent for Condo/TIC/Coop properties.
The Median Sales Price was down 7.2 percent to $1,675,000 for single family homes and 3.8 percent to $1,200,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 15.8 percent for single family units and 5.7 percent for Condo/TIC/Coop units.
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.