Home Shoppers Find More Options Amid Still-High Listing PricesBy RISMedia Staff
The U.S. housing market is offering home shoppers more options this fall than in 2021, as inventory increased 26.9% year-over-year in September, according to a new report from realtor.com® released last week.
Realtor.com®’s Monthly Housing Trends Report states that while yearly listing price growth remained in the double-digits in September at +13.9%, the pace continued to moderate, suggesting that a rise in relatively affordable for-sale homes could be in store for buyers in the final months of 2022. According to the report, the national inventory of homes actively for sale on a typical day in September increased 26.9% year-over-year, holding on par with the August pace. Newly-listed homes were down 9.8% year-over-year, a slight improvement over last month’s rate of decline of -13.0%. Additionally, the U.S. median listing price was still at a high of $427,000, up 13.9% year-over-year, but was down from June’s peak median of $449,000 and annual growth rate of +18.2%. Key highlights:
Major takeaway: “Home prices have been remarkably resilient so far this year, considering the impact that inflation and climbing rates are having on buyers’ budgets. Recent data does show some deceleration in listing prices, and a seasonal pull back that is typical of this time of year. On the flip side, this cooling is likely one reason why fewer sellers entered the market in September,” said Danielle Hale, Chief Economist for Realtor.com®. “For homeowners deciding whether to make a move this year, remember that listing prices – while lower than a few months ago – remain higher than in prior years, so you’re still likely to find opportunities to cash-in on record-high levels of equity, particularly if you’ve owned your home for a longer period of time. And for prospective buyers grappling with affordability, you may have more bargaining power than you realize, particularly in areas where time on market is rising.” For the full report, visit www.realtor.com/research/september-2022-data. |
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