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Current-Residence Gross sales Drop for the Eighth Straight Month and Decline 1.5% in September 2022


NAR launched a abstract of existing-home gross sales information displaying that housing market exercise this September fell 1.5% from August 2022. September’s existing-home gross sales reached a 4.71 million seasonally adjusted annual charge. September’s gross sales of present properties declined 23.8% from September 2021.

Line graph: U.S. Existing-Home Sales, September 2021 to September 2022

The nationwide median existing-home value for all housing varieties reached $384,800 in September, up 8.4% from a yr in the past. Residence costs have continued to climb, marking the 127th consecutive month of year-over-year positive aspects.

Bar graph: U.S. and Regional Median Sales Price of Existing-Home Sales, September 2022 and 2021

In September, all 4 areas confirmed sturdy value development from a yr in the past. The South had the most important achieve of 12.4%, adopted by the West with a rise of seven.1%. The Midwest had a rise of 6.6%, adopted by the Northeast with the smallest value achieve of 1.5% from August 2021.

As of the top of the month, September’s stock of unsold listings fell 2.3% from final month, standing at 1,250,000 properties on the market. In contrast with August 2021, stock ranges had been down 0.8%. It would take 3.2 months to maneuver the present stock degree on the present gross sales tempo, nicely under the specified tempo of 6 months.

Demand stays sturdy as residence patrons snatched listings shortly off the MLS, and it took roughly 19 days for a house to go from itemizing to a contract within the present housing market. A yr in the past, it took 17 days.

Bar graph: Inventory, September 2021 to September 2022

From a yr in the past, all 4 areas had double-digit declines in gross sales in September. The West had the largest dip of 31.3%, adopted by the South which fell 23.8%. The Midwest decreased by 19.7%, adopted by the Northeast, down 18.7%.

In comparison with August 2022, three of the 4 areas confirmed reductions in gross sales. The South area had the most important decline of 1.9%, adopted by the Midwest with a rise of 1.7%. The Northeast area had the smallest dip in gross sales at 1.6%. The West area was flat with no change in gross sales.

The South led all areas in proportion of nationwide gross sales, accounting for 44.2% of the overall, whereas the Northeast had the smallest share at 13%.

Bar graph: Regional Existing-Home Sales and Year-Over-Year Percent Change, September 2022 and 2021

In September, single-family residence gross sales decreased by 0.9%, and condominium gross sales fell by 5.8% in comparison with final month. Single-family residence gross sales had been 23.0%, whereas condominium gross sales fell 30.0% in comparison with a yr in the past. The median gross sales value of single-family properties rose 8.1% to $391,000 from September 2021, whereas the median gross sales value of condominiums rose 9.8% to $331,700.

Line graph: Year-Over-Year Percent Change in Single-family and Condominium Median Sales Prices, January 2020 to September 2022
Line graph: Year-Over-Year Percent Change in Single-family and Condominium Existing-Home Sales, January 2020 to September 2022



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