How’s the Market? October ’22

How things have changed in a very short time!

© Can Stock Photo / JohnKwan

Demand – The relatively fast rise in mortgage rates from historic lows has moved some buyers out of the market, especially first-time homebuyers.

• Closed Sales down 26.8% YoY
• Pending Sales down 38.0% YoY

Supply – Fewer buyers have contributed to an increased inventory of homes for sale.

• New Listings up 21.7% MoM
• Active Inventory up 18.7% MoM
• Median Days on Market up 8.3% MoM to 39 days

© Can Stock Photo / AndreyPopov

Prices – Price growth has slowed:

• Median Sales Price up 1.7% MoM to $359,900
• List Price Received down 0.5% MoM
• Closed Over List Price down 15.6% MoM

Bottom Line – It’s still a Seller’s Market but considerably weaker than a few months ago, evidenced by a reduction in multiple offers, quick sales, and buyer offer concessions.

• Months Supply of Inventory = 3.0