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 22.1 percent to 988. Pending Sales decreased 28.1
percent to 850. Inventory grew 47.9 percent to 2,119 units.
Prices moved higher as Median Sales Price was up 11.7 percent to $260,285. Days
on Market increased 65.2 percent to 38 days. Months Supply of Inventory was up
80.0 percent to 1.8 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.
Information courtesy of CMLS*
