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 up 0.3 percent to 1,621. Pending Sales decreased 0.3 percent to
1,586. Inventory shrank 7.2 percent to 1,015 units.
Prices moved higher as Median Sales Price was up 17.2 percent to $255,000. Days
on Market decreased 22.9 percent to 27 days. Months Supply of Inventory was
down 12.5 percent to 0.7 months, indicating that demand increased relative to
supply.
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.
Information courtesy of CMLS*
