facebook Market Insights - October 26, 2022

Market Insights - October 26, 2022

Existing Home Sales Fall to 10-Year Low, Down 24% Year-over-Year

Market Insights

Existing-home sales dropped in September – the eighth month in a row of declines and a 10-year low – according to the National Association of Realtors. On a year-over-year basis, sales dropped in all regions.

  • Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, retracted 1.5% from August to an annual rate of 4.71 million in September.
  • Year-over-year, sales waned by 23.8% (down from 6.18 million in September 2021).

total-existing-home-sales

Further:

  • Total housing inventory registered at the end of September was 1.25 million units, which was down 2.3% from August and 0.8% from the previous year.
  • Unsold inventory sits at a 3.2-month supply at the current sales pace – unchanged from August and up from 2.4 months in September 2021.
  • The median existing-home price for all housing types in September was $384,800, an 8.4% jump from September 2021 ($355,100), as prices climbed in all regions.
  • This marks 127 consecutive months of year-over-year increases, the longest-running streak on record.
  • However, the median sales price is off its record high of $413,800 in June.
  • Properties typically remained on the market for 19 days in September, up from 16 days in August and 17 days in September 2021.
  • Seventy percent of homes sold in September 2022 were on the market for less than a month.
  • All-cash sales accounted for 22% of transactions in September, down from 24% in August and 23% in September 2021.

Regional Breakdown

  • Existing-home sales in the Northeast dwindled 1.6% from August to an annual rate of 610,000 in September, retreating 18.7% from September 2021. The median price in the Northeast was $418,500, an increase of 8.3% from one year ago.
  • Existing-home sales in the Midwest slid 1.7% from the previous month to an annual rate of 1,140,000 in September, falling 19.7% from September 2021. The median price in the Midwest was $281,500, up 6.9% from the prior year.
  • In the South, existing-home sales pulled back 1.9% in September from August to an annual rate of 2,080,000, a decline of 23.8% from this time last year. The median price in the South was $351,700, an increase of 11.8% from September 2021.
  • Existing-home sales in the West were identical to last month at an annual rate of 880,000 in September, but down 31.3% from one year ago. The median price in the West was $595,400, a 7.1% increase from September 2021.

More Data Later This Week

More economic data will be released later this week, including the State Street Investor Confidence Index on Wednesday, GDP on Thursday, and Consumer Sentiment on Friday.

Sources: nar.realtor

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