Summer 2022 has been a season of change for the U.S. real estate market. With household affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.0% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the end of August. The pullback in demand has been particularly hard on homebuilders, causing new home sales and construction to slow. New listings increased 0.8 percent for Single Family homes but decreased 4.1 percent for Townhouse-Condo homes. Pending Sales decreased 1.5 percent for Single Family homes and 8.1 percent for Townhouse-Condo homes. Inventory increased 40.6 percent for Single Family homes and 57.3 percent for Townhouse-Condo homes.
Month’s Supply of Inventory increased 42.9percent for Single Family homes and 64.3 percent for Townhouse-Condo homes.
Median Sales Price increased 15.9 percent to $255,000 for Single Family homes and 5.3 percent to $140,000 for Townhouse-Condo homes.
Days on Market increased 12.5 percent for Single Family homes but decreased 27.3 percent for Townhouse-Condo homes.
Inflation, higher interest rates, and fears of potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
