In this current market, we will take wins where we can get them. So while it is true that existing-home sales did fall in October they did not fall as much as expected, according to the National Association of Realtors.
- M-O-M: Total existing-home sales fell 5.9% from September to a seasonally adjusted annual rate of 4.43 million in October.
- Y-O-Y: Total existing home sales are down 28.4% when compared to October 2021.
Southern Dominance. The South continues its dominance even with a 4.8% drop to an annual rate of 1.98M in October. This represents 44.7% of all the sales activity across the country.
- The Midwest maintained the number two spot with an annual rate of 1.08M (-5.3%) followed by the West at 800K (-9.1%) and the Northeast at 570k (-6.6%)
Home prices. The median existing-home price for all housing types in October was $379,100, a gain of 6.6% from October 2021. This marks 128 consecutive months of year-over-year increases, the longest-running streak on record.
- Home prices are down 8.9% from the high in June when home prices hit $416,000
Inventory. Total housing inventory registered at the end of October was down 0.8% to 1.22 million units, this is also down 0.8% when compared to one year ago. However, because the pace of sales have slowed the unsold inventory sits at a 3.3-month supply at the current sales pace, up from 3.1 months in September and 2.4 months in October 2021.
- Lawrence Yun, chief economist at NAR, said “Inventory levels are still tight, which is why some homes for sale are still receiving multiple offers…In October, 24% of homes received over the asking price. Conversely, homes sitting on the market for more than 120 days saw prices reduced by an average of 15.8%.”
