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Nationally, active listings grew 26.9% year-over-year in September as home prices continued to grow at a double-digit annual pace (+13.9%)
SANTA CLARA, Calif., Sept. 29, 2022 /PRNewswire/ -- 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 the Realtor.com® Monthly Housing Trends Report released today. While yearly listing price growth remained in the double-digits in September (+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.
"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."
September 2022 Housing Metrics – National
Metric
Change over Sept. 2021
Change over Sept. 2019
Median listing price
13.9% (to $427,000)
36.7 %
Active listings
26.9 %
-40.2 %
New listings
-9.8 %
-11.6 %
Median days on market
7 days (to 50 days)
-16 days
Inventory improvements hold steady even as new sellers hit pause
The U.S. supply of active listings remained higher than last year in September, but improvements failed to accelerate over last month as newly listed homes continued to drop. With higher rates resulting in less demand and fewer home sales, seller sentiment continues to decline and impact homeowner plans to list. Still, today's buyers have significantly more options than during the worst of the inventory crunch of the previous two years. This is especially true in many southern and western markets, where competition has cooled compared to the COVID frenzy.
Home price growth continues to moderate but remains in the double-digits
In September, national home listing prices increased at a faster September pace than in any prior year in our data's history, despite continuing to moderate from June's peak growth rate. Driven by the combination of still-high listing prices and climbing mortgage rates, a typical monthly mortgage payment was 70% higher in September compared to a year ago. As a result of these cost pressures, recent home sales data indicates that some home shoppers are putting plans on pause, giving those who remained in the market more power to negotiate price reductions in September.
Time on market remains higher than last year but is still historically-fast
In September, a typical home spent more days on market than last year, after first hitting that milestone just last month. As inventory continues to rise this fall compared to last year, homebuyers have relatively more breathing room to make decisions. This was true of September time on market trends nationwide, as well as in all four regions and in the vast majority of U.S. metros. However, compared to historical norms in prior years, homes continue to sell at a faster pace so far in 2022.
September 2022 Housing Metrics – 50 Largest U.S. Metro Areas
Metro
Median Listing Price
Median Listing Price YoY
Median Listing Price per Sq. Ft. YoY
Active Listing Count YoY
New Listing Count YoY
Median Days on Market
Median Days on Market Y-Y (Days)
Price Reduced Share
Price Reduced Share Y-Y (Percentage Points)
$420,000
6.1 %
7.0 %
46.4 %
-6.5 %
43
-1
21.3 %
11.6 pp
$558,000
2.2 %
4.1 %
123.6 %
-3.5 %
51
23
43.8 %
27.4 pp
$349,000
4.2 %
4.7 %
-4.9 %
-25.2 %
42
5
15.7 %
2.6 pp
$282,000
2.4 %
8.3 %
30.7 %
6.1 %
46
4
14.5 %
6.4 pp
$742,000
11.2 %
5.1 %
-1.6 %
-19.9 %
35
6
14.9 %
3 pp
$240,000
4.3 %
7.4 %
8.6 %
-5.6 %
46
5
9.0 %
1.9 pp
$420,000
8.4 %
11.9 %
61.8 %
-10.8 %
43
14
20.4 %
8.3 pp
$340,000
3.0 %
0.8 %
-12.3 %
-21.9 %
41
2
15.7 %
2.8 pp
$325,000
6.6 %
5.2 %
-11.9 %
-14.1 %
38
3
13.0 %
1.1 pp
$219,000
10.3 %
8.9 %
6.1 %
-9.0 %
46
3
16.8 %
4.8 pp
$337,000
16.6 %
10.7 %
10.4 %
-14.2 %
32
8
20.2 %
5.8 pp
$454,000
13.9 %
11.5 %
84.3 %
9.1 %
43
8
27.0 %
16.2 pp
$625,000
4.2 %
1.6 %
68.9 %
-14.6 %
36
14
31.4 %
18.5 pp
$264,000
5.5 %
4.2 %
19.1 %
-8.0 %
40
10
22.8 %
6.5 pp
$372,000
12.9 %
4.3 %
-28.3 %
-26.5 %
39
1
8.8 %
-0.5 pp
$376,000
3.9 %
7.0 %
26.0 %
3.6 %
46
-1
22.8 %
8.1 pp
$300,000
7.1 %
9.9 %
44.1 %
-3.5 %
40
3
21.1 %
9.8 pp
$408,000
13.2 %
13.3 %
84.4 %
-3.8 %
47
9
25.7 %
15.9 pp
$388,000
20.9 %
14.9 %
26.8 %
-13.9 %
53
8
14.7 %
4.6 pp
$460,000
7.0 %
11.5 %
89.6 %
N/A*
48
17
36.1 %
20 pp
$949,000
4.3 %
5.1 %
37.0 %
-19.5 %
47
7
18.3 %
10.8 pp
$300,000
15.4 %
8.7 %
11.3 %
-12.4 %
37
7
16.8 %
3.6 pp
$316,000
27.3 %
21.7 %
64.7 %
-1.0 %
43
1
16.4 %
8.6 pp
$599,000
28.3 %
15.0 %
11.2 %
-5.7 %
58
-2
15.1 %
7.9 pp
$355,000
27.0 %
14.9 %
-19.0 %
-23.6 %
40
3
16.0 %
-0.7 pp
$411,000
17.5 %
8.0 %
-7.7 %
-22.1 %
41
7
16.5 %
5.1 pp
$529,000
18.6 %
12.5 %
125.3 %
19.6 %
31
13
26.3 %
15.4 pp
$329,000
-2.3 %
-0.3 %
44.4 %
119.3 %
57
-9
21.4 %
14.9 pp
$656,000
9.3 %
9.2 %
-8.8 %
-16.1 %
65
4
10.0 %
2 pp
$320,000
16.2 %
13.2 %
34.9 %
-29.1 %
48
7
18.3 %
8.3 pp
$449,000
18.2 %
17.4 %
78.9 %
-0.1 %
49
12
22.4 %
12.4 pp
$335,000
4.9 %
6.0 %
-2.4 %
-14.1 %
51
4
15.2 %
3.5 pp
$494,000
4.4 %
8.8 %
167.3 %
-8.2 %
47
17
44.0 %
32.3 pp
$225,000
-0.8 %
0.2 %
1.9 %
-17.7 %
51
5
18.2 %
2.6 pp
$590,000
7.3 %
6.3 %
45.9 %
-21.6 %
44
1
25.8 %
9.3 pp
$477,000
9.8 %
8.6 %
-9.0 %
-18.8 %
40
10
11.2 %
3.2 pp
$463,000
9.1 %
10.4 %
166.1 %
2.0 %
43
23
19.8 %
12.2 pp
$380,000
8.6 %
9.0 %
1.9 %
-15.8 %
44
-6
11.0 %
3.6 pp
$579,000
6.9 %
9.4 %
73.0 %
-13.7 %
51
14
23.9 %
15.1 pp
$223,000
6.0 %
8.7 %
-7.7 %
-7.5 %
25
4
12.2 %
0.4 pp
$600,000
1.9 %
3.3 %
51.6 %
-11.5 %
45
12
30.0 %
18.9 pp
$360,000
9.0 %
8.6 %
63.7 %
2.9 %
48
10
22.4 %
10.9 pp
$888,000
10.9 %
9.0 %
44.6 %
-17.8 %
40
7
22.9 %
13.7 pp
$1,089,000
9.6 %
3.2 %
28.5 %
-17.0 %
38
9
17.7 %
10.5 pp
$1,399,000
10.8 %
4.6 %
21.0 %
-30.0 %
39
8
16.2 %
9.1 pp
$762,000
13.0 %
9.4 %
78.7 %
-12.6 %
40
11
22.1 %
13.9 pp
$275,000
10.0 %
8.5 %
0.0 %
-9.6 %
45
2
13.9 %
1.8 pp
$429,000
17.2 %
12.2 %
109.5 %
9.2 %
44
8
27.0 %
15.8 pp
$349,000
16.3 %
9.8 %
-14.0 %
-13.5 %
37
5
16.5 %
4.1 pp
$570,000
13.0 %
1.5 %
-2.8 %
-25.2 %
40
6
16.7 %
3.9 pp
*Las Vegas new listings metrics excluded while data is under review.
Methodology
Realtor.com® housing data as of September 2022. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography; new construction is excluded unless listed via an MLS. Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB).
Note: With the release of its September 2022 Housing Report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. As a result of these changes, this release is not directly comparable with previous data releases and reports. However, future data releases, including historical data, will consistently apply the new methodology. See more details here.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com ® .
Media Contact
press@realtor.com
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SOURCE Realtor.com