Nationally, the inventory of homes actively for sale on a typical day in October increased by 33.5% over the past year. This amounted to 189,000 more homes actively for sale on a typical day in October compared to the previous year.
In October, newly listed homes declined by 15.9% compared to the same time last year, a greater rate of decline compared to last month’s 9.8% year-over-year decrease. In September, seller sentiment improved slightly but remained well below last year’s levels.
The median national list price declined to $425,000 in October, down from an all-time high of $449,000 in June. This represents an annual growth rate of 13.3%, a slight deceleration from last month’s growth rate of 13.9% and down from a peak growth rate of 18.2% in June.
The median number of days a for-sale home has been on the market is up 45% from last year nationally and is up in 48 of the 50 largest markets. 46% of listings have been on the market for more than 60 days, up 10 percentage points from last year.
With changing priorities and preferences, higher home prices, and a rapid increase in remote work, many Americans left central urban areas during the pandemic. #NARHBS http://ow.ly/oSeW50LPZEI
On December 13, 2022, from 12:00 – 2:00 p.m. ET, NAR will hold a virtual economic and real estate summit that will provide a year-end review of 2022 and outlook on the real estate market and the economy for the year to come. #NARForecastSummit http://ow.ly/E5Fn50LPcEp
October’s inventory of unsold listings end-of-month fell 0.8% from last month, standing at 1,220,000 homes for sale. It will take 3.3 months to move the current inventory level at the current sales pace, well below the desired pace of 6 months. http://ow.ly/UIgE50LPcA7
Nationally, Sentrilock home showings were down 23% year-over-year, declining in all four regions of the U.S. http://ow.ly/4e7z50LOTMe
The South led all regions in percentage of national sales, accounting for 44.7% of the total, while the Northeast had the smallest share at 12.9%. #NAREHS
Existing-Home Sales Decline 5.9% in October 2022
October’s existing home sales reached a 4.43 million seasonally adjusted annual rate, declining 28.4% from October 2021.
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16% are purchased for non-primary residence use, nearly flat from last month and one year ago.
REALTORS® Confidence Index
This report is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners.
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Forty-six percent of the metro markets posted double-digit annual price appreciation in Q3 2022 compared to 80% in Q2.
Single-Family Home Prices Up in 98% of 185 Metro Areas
Forty-six percent of the metro markets posted double-digit annual price appreciation in Q3 2022 compared to 80% in ...
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October’s existing home sales reached a 4.43 million seasonally adjusted annual rate, declining 28.4% from October 2021. #NAREHS
Existing-Home Sales Decline 5.9% in October 2022
October’s existing home sales reached a 4.43 million seasonally adjusted annual rate, declining 28.4% from October 2021.
ow.ly
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