September 2022 Real Estate Market Stats

Well, how the real estate market has changed in a few months.  The low-interest rates, high demand, and multiple offer market are in the rearview mirror.

Although it’s still a Seller’s Market, higher interest rates have forced many buyers (especially first time) temporarily out of the market thus slowing the market down. Consequently, the metrics that reflect high demand and low inventory have declined — median sales price, new listings, pending and closed sales, and sales price versus the list price. Similarly, the Months Supply of Inventory (3.3 months) has increased by 186.5% from last year. Although this seems like a large increase, it is still short of a “balanced market” of 6 months.

All in all, this is not necessarily a repeat of the great recession of 2008. The underlying factors (e.g., easy credit) that caused the 2008 recession are not at play today.