OCTOBER 2022 MARKET MINUTE
~
LAWRENCE
YUN, NAR Chief Economist, October 20, 2022
“The housing sector continues to undergo an adjustment due to the continuous rise in the interest rates, which eclipsed
6%
for
30-
year fixed-mortgages in September and are now approaching
7%.”
SEPTEMBER 2022 NATIONAL MARKET OVERVIEW EXISTING HOME SALES VOLUME • -1.5% compared to August 2022 • -23.8% compared to a year ago (September 2021) • Avg DOM was 19 days in September • Up from 16 in August • Up from 17 in September 2021 • 70% of homes on the market sold in less than 30 days
“Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory.
LAWRENCE YUN, NAR Chief Economist
SEPTEMBER 2022 NATIONAL MARKET OVERVIEW EXISTING HOME SALES PRICE • Up 8.4% compared to a year ago • 127 consecutive months of year-over year growth • Maintaining the longest streak on record for price increase
OCTOBER 2022 MARKET MINUTE
~
LAWRENCE
YUN, NAR Chief Economist, October 20, 2022
“The housing sector continues to undergo an adjustment due to the continuous rise in the interest rates, which eclipsed
6%
for
30-
year fixed-mortgages in September and are now approaching
7%.”
SEPTEMBER 2022 NATIONAL MARKET OVERVIEW EXISTING HOME SALES VOLUME • -1.5% compared to August 2022 • -23.8% compared to a year ago (September 2021) • Avg DOM was 19 days in September • Up from 16 in August • Up from 17 in September 2021 • 70% of homes on the market sold in less than 30 days
“Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory.
LAWRENCE YUN, NAR Chief Economist
SEPTEMBER 2022 NATIONAL MARKET OVERVIEW EXISTING HOME SALES PRICE • Up 8.4% compared to a year ago • 127 consecutive months of year-over year growth • Maintaining the longest streak on record for price increase
SEPTEMBER NATIONAL MARKET OVERVIEW INVENTORY • 3.2 months inventory • -2.3% from August 2022 • -0.8% from a year ago
SEPTEMBER NATIONAL MARKET OVERVIEW INVENTORY • 3.2 months inventory • -2.3% from August 2022 • -0.8% from a year ago
The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.”
LAWRENCE YUN, NAR Chief Economist
HOME SALES VOLUME • -1.9% from August • -23.8% from a year ago HOME PRICE • +11.8% from a year ago • $351,700 median sale price IN THE SOUTH REGION….
ACCORDING TO FREDDIE MAC, Average Commitment Rate for a 30-year, conventional, fixed-rate mortgage: • 6.11% in September 2022 • 5.22% in August 2022 • 2.96% in all of 2021 (full year average)
REAL ESTATE EXPERTISE… LIKE ONLY A NEIGHBOR CAN.
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