NOVEMBER 2022 MARKET MINUTE
~ LAWRENCEYUN, NAR Chief Economist, November 18, 2022
“More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher. The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years.”
OCTOBER 2022 NATIONALMARKET OVERVIEW EXISTING HOME SALES VOLUME • -5.9% compared to September 2022 • -28.4% compared to a year ago (October 2021) • Avg DOM was 21 days in October • Up from 19 in September • Up from 18 in October 2021 • 64% of homes on the market sold in less than 30 days
LAWRENCE YUN, NAR Chief Economist
“
Mortgage rates have come down since peaking in mid-November, so home sales may be close to reaching the bottom in the current housing cycle.”
November
18, 2022
OCTOBER 2022 NATIONALMARKET OVERVIEW EXISTING HOME SALES PRICE • $379,100 for October 2022 for all existing home types • Up 6.6% compared to a year ago • 128 consecutive months of year-over year growth • Maintaining the longest streak on record for price increase
OCTOBER NATIONALMARKET OVERVIEW INVENTORY • 3.3 months inventory • -0.8% from September 2022 • -0.8% from a year ago
~ LAWRENCEYUN, NAR Chief Economist, November 18, 2022
levels
tight, which
why some homes for sale are still receiving multiple offers.
October, 24% of homes received [offers]
the asking price.
homes sitting on the market for more than 120 days saw prices reduced by an average
15.8%”
“Inventory
are still
is
In
over
Conversely,
of
”
HOME SALES VOLUME • -4.8% from September • -27.2% from a year ago HOME PRICE • +8% from a year ago • $346,300 median sale price IN THE SOUTH REGION….
ACCORDING TO FREDDIE MAC, Average Commitment Rate for a 30-year, conventional, fixed-rate mortgage: • 6.90% in October 2022 • 6.11% in September 2022 • 2.96% in all of 2021 (full year average)
LOCALREALESTATE EXPERTISE… LIKE ONLYANEIGHBOR CAN.