Market Statistics

U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% monthover-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers.
Purchase activity is down significantly compared to this time last year, but rising
interest rates are also keeping many current homeowners from selling, causing
inventory to remain at historically low levels nationwide.

• New Listings were up 17.4 percent to 358.
• Pending Sales decreased 9.4 percent to 221.
• Inventory grew 24.1 percent to 905 units.
• Prices moved higher as Median Sales Price was up 6.5 percent to $295,250.
• Days on Market increased 21.7 percent to 56 days.
• Months Supply of Inventory was up 50.0 percent to 3.6 months, indicating that supply increased relative to demand.

Prices moved higher as Median Sales Price was up 6.5 percent to $295,250. Days
on Market increased 21.7 percent to 56 days. Months Supply of Inventory was up
50.0 percent to 3.6 months, indicating that supply increased relative to demand.
Total housing inventory going into October was at 1.13 million units, up 2.7% from
the previous month but down 8.1% compared to the same time last year, for a 3.4
months’ supply at the current sales pace, according to NAR. The shortage of homes
for sale is making it harder for buyers to find a home to purchase while at the same
time pushing sales prices higher nationwide, with the median existing-home sales
price rising 2.8% annually to $394,300, the third consecutive month of year-overyear
price increases.