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 24.0 percent to 1,150. Pending Sales decreased 25.5
percent to 1,004. Inventory grew 44.4 percent to 2,154 units.
Prices moved higher as Median Sales Price was up 10.2 percent to $258,725. Days
on Market increased 40.0 percent to 28 days. Months Supply of Inventory was up
63.6 percent to 1.8 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.
Information courtesy of CMLS*
