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The General Aces

August 2022 Housing Market Tendencies Report

August 2022 Housing Market Tendencies Report
  • The nationwide stock of energetic listings elevated by 26.6% over final 12 months. 
  • The entire stock of unsold properties, together with pending listings, elevated by simply 1.3% year-over-year resulting from a decline in pending stock (-21.9%). 
  • Promoting sentiment declined and itemizing exercise adopted, with newly listed properties declining by 13.4% on a year-over-year foundation.
  • The median record value grew by 14.3% in August, a deceleration from current highs.
  • Time on market was 42 days, 5 days greater than final 12 months however 22 days lower than typical pre-pandemic ranges.
  • Regionally, giant Western markets which noticed a number of the most progress final 12 months and earlier this 12 months at the moment are exhibiting the best indicators of deceleration, with bigger stock will increase, extra value reductions, and extra shortly decelerating value progress than different areas. 

Realtor.com®’s August housing information launch reveals that itemizing costs decelerated for the third month in a row, as extra sellers hit pause on itemizing properties and houses on the market spent extra time in the marketplace than final August. Whereas fewer new listings are coming into the market, general stock continues to develop, offering extra option to consumers who’re nonetheless purchasing for a house. Western markets lead different areas in elevated stock, value reductions, and deceleration of value progress. This fall, a extra reasonable tempo of homeselling, extra listings to select from, and softening value progress will present some respiratory room for consumers trying to find a house throughout what’s sometimes one of the best time to purchase a house

Promoting Sentiment Wanes however the Stock of Houses is Nonetheless Rising

Nationally, the stock of properties actively on the market on a typical day in August elevated by 26.6% over the previous 12 months. This amounted to 164,000 extra properties actively on the market on a typical day in August in comparison with the earlier 12 months. Nevertheless, pushed by a decline in vendor sentiment, the stock progress charge in August was decrease than July’s historic progress charge of 30.7%, which was the biggest improve in stock within the information historical past. 

August 2022 Housing Market Tendencies Report

Regardless of this enchancment within the variety of properties actively on the market, because the chart above clearly illustrates, energetic listings lag their pre-pandemic stage and are additionally nonetheless barely decrease than in the course of the first 12 months of the pandemic. The variety of energetic listings in August was 7.2% under 2020 and 43.8% decrease than the pre-pandemic 2017-2019 common.

The entire variety of unsold properties nationwide—a metric that features energetic listings and listings in varied levels of the promoting course of that aren’t but bought—was up 1.3% year-over-year. Nevertheless, progress decelerated from final month’s 3.5% progress charge because the depend of pending listings and newly listed properties fell additional on a year-over-year foundation.   

Total Home Listing Inventory

The entire stock of properties on the market contains properties in pending standing, that are these  listings in varied levels of the promoting course of that aren’t but bought. The stock of pending listings on a typical day has declined by 21.9% in comparison with final August. It is a additional deceleration from the 19.4% annual decline we reported for July. This moderating purchaser demand has been spurred by rising rates of interest and itemizing costs near all-time highs which have elevated the price of financing 80% of the everyday dwelling by 61% in comparison with a 12 months in the past.

Pending Home Listing Count

In August, newly listed properties declined by 13.4% in comparison with the identical time final 12 months,  a better charge of decline in comparison with final month’s 2.8% year-over-year lower. Whereas sellers had been fueling the current run of stock progress with freshly listed properties, in July, vendor sentiment shifted vastly. Fannie Mae’s Residence Buy Sentiment Index (HPSI) revealed that dwelling sentiment declined in July, as the online share of respondents saying now is an effective time to promote decreased by 2 share factors in comparison with the earlier month and by 15 share factors in comparison with final 12 months. Sellers might really feel that they’ve missed the height, or that it’s too troublesome and costly to purchase one other dwelling presently given the prices of financing, a priority that may have an effect on practically three-quarters of potential sellers per current survey information. The HPSI survey additionally revealed that the online share of Individuals who consider dwelling costs will go up over the following 12 months decreased by 8 share factors in July in comparison with the earlier month. 

Newly Listed Homes Count

The stock of properties actively on the market within the 50 largest U.S. metros general elevated by 39.1% over final 12 months in August, outpacing the nationwide progress charge. Nevertheless, the stock of properties in giant Northeastern metros declined by 2.4% on common in comparison with final 12 months, whereas different areas noticed progress within the variety of properties on the market. Within the West, energetic listings grew most (by +70.8% year-over-year), adopted by the South (+56.3%), and Midwest (+6.5%). No areas noticed new itemizing exercise above the earlier 12 months. The South noticed newly listed properties decline by 3.8% in comparison with the earlier 12 months, whereas they declined by 19.7% within the Northeast, 18.1% within the Midwest, and 14.3% within the West.  

Stock elevated in 39 out of fifty of the biggest metros in comparison with final 12 months. Metros which noticed essentially the most stock progress embody Phoenix (+177.4%), Raleigh (+163.6%), and Austin (+138.6%), all of which skilled booming demand in the course of the pandemic. Stock continues to be declining on a year-over-year foundation in 11 markets together with Hartford (-24.4%), Milwaukee (-11.8%), and Chicago (-11.7%). Milwaukee and Chicago additionally made our record of most improved giant markets in our Market Hotness Rankings.

Solely 8 of the 50 largest metros additionally noticed the variety of newly listed properties improve in comparison with final 12 months, down from 12 in July. The markets which noticed the very best year-over-year progress in newly listed properties included Nashville (+25.5%), Raleigh (+14.4%) and Las Vegas (+13.1%). Markets that are seeing giant declines in newly listed properties in comparison with final 12 months embody San Jose (-29.3%), Baltimore (-28.3%), and Washington, DC (-27.0%). 

Time on Market Grows for the First time Since 2020

The everyday dwelling spent 42 days in the marketplace this August which is 5 days greater than final 12 months and the primary month that point on market elevated since June 2020, in the course of the early days of the pandemic. Whereas new itemizing exercise has declined, the stock of properties on the market continues to extend as properties spend barely longer in the marketplace in comparison with final 12 months. Nonetheless, properties nonetheless spent 22 fewer days in the marketplace this August than typical 2017 to 2019 timing. 

Within the 50 largest U.S. metros, the everyday dwelling spent 37 days in the marketplace, 5 days greater than final August. Time on market elevated equally throughout areas, with bigger metros within the West seeing the best improve (+7 days), adopted by the South and Midwest (+4 days) and the Northeast (+3 days).

Forty-eight of the 50 largest metros noticed time on market improve in comparison with the earlier 12 months. Time on market solely declined in Miami, by 9 days in comparison with final 12 months, and in Richmond, by 1 day. Time on market elevated most within the southern and western metros of Austin (+16 days), Raleigh (+12 days), and Riverside (+11 days).

Home Listing Time on Market

Value Development Softens however Houses Are Nonetheless Extra Costly than Final Yr

The median nationwide dwelling value for energetic listings declined to $435,000 in August, down from an all-time excessive of $450,000 in June. This represents an annual progress charge of 14.3%, a deceleration from final month’s progress charge of 16.6%. As well as, the three.1% drop within the median itemizing value in comparison with July can be the biggest July-to-August drop within the median itemizing value in our data (courting again to 2016). 

Till just lately, the median itemizing value has been buoyed by gradual changes to vendor expectations in addition to a shift within the mixture of stock which noticed 57% of energetic listings comprise of bigger (1750 sqft+) properties in comparison with simply 54% final August. Nevertheless, controlling for dwelling dimension, the median itemizing value per sq. foot grew by 13.2% year-over-year, down from a progress charge of 15.5% in July, additional signaling a moderation in value progress forward. 

As well as, the median record value of listings in pending standing–these properties for which the vendor has already accepted a purchaser’s provide to buy–additionally decelerated, from a year-over-year charge of 12.4% in July to a progress charge of 11.9% in August. That is the fourth consecutive month of pending itemizing value deceleration and its decrease progress charge in comparison with the general median itemizing value signifies that the properties which consumers are selecting to purchase have gotten more and more inexpensive than the everyday listed dwelling. 

Median Home Listing Price

The share of properties having their value diminished elevated from 11.0% final August to 19.4% this 12 months and is near typical 2017 to 2019 ranges. Whereas value reductions have elevated considerably in comparison with final 12 months, as a share of stock they have been above August 2019 (17.9% of stock) and nonetheless barely under 2018 (21.3%) and 2017 (19.5%).

Price Reduced Share of Home Listings

Energetic itemizing costs within the nation’s largest metros grew by a mean of 10.9% in comparison with final 12 months, decelerating from 12.0% final month. Southern metros led the cost in energetic itemizing value progress, rising by 13.5% on common over the previous 12 months.  The southern metros of Miami (+33.4%), Memphis (+25.8%), posted the very best year-over-year median record value progress in August, adopted by Milwaukee (+25.0%). Milwaukee additionally ranked as essentially the most improved giant market in our Market Hotness Rankings. Giant western metros, whereas not the bottom rating for value progress, have seen the best value deceleration since this spring. Western metros had the biggest common progress charge of 16.6% in April, and have since fallen to tie the Northeast for third place amongst areas with a progress charge of seven.9%. Giant western metros additionally noticed the best improve within the share of value reductions (+16.2 share factors), adopted by southern metros (+10.4 share factors). No western metros made our record of hottest markets in August, the primary time this has occurred in August in our information’s historical past. Houses in Phoenix (+30.9 share factors), Austin (+24.8 share factors), and Las Vegas (+24.4 share factors) confirmed the best progress within the share of properties with value reductions in comparison with final 12 months. 

August 2022 Regional Statistics (50 Largest Metro Mixed Common)

Area Energetic Itemizing Rely YoY New Itemizing Rely YoY Median Itemizing Value YoY Median Itemizing Value Per SF YoY Median Days on Market Y-Y (Days) Value Diminished Share Y-Y (Share Factors)
Midwest 6.5% -18.1% 11.3% 8.6% + 4 days +4.2 pp
Northeast -2.4% -19.7% 7.9% 4.4% +3 days +2.7 pp
South 56.3% -3.8% 13.5% 12.0% +4 days +10.4 pp
West 70.8% -14.3% 7.9% 7.7% +7 days +16.2 pp

 

August 2022 Housing Overview by Prime 50 Largest Metros 

 

Metro Median Itemizing Value Median Itemizing Value YoY Median Itemizing Value per Sq. Ft. YoY Energetic Itemizing Rely YoY New Itemizing Rely YoY Median Days on Market Median Days on Market Y-Y (Days) Value Diminished Share Value Diminished Share Y-Y (Share Factors)
Atlanta-Sandy Springs-Roswell, Ga. $425,000 7.3% 9.0% 48.7% -5.8% 35 1 22.0% 12.8 pp
Austin-Spherical Rock, Texas $575,000 6.0% 7.5% 138.6% -2.0% 39 16 41.5% 24.8 pp
Baltimore-Columbia-Towson, Md. $352,000 5.2% 4.6% -3.2% -28.3% 37 3 16.7% 3.7 pp
Birmingham-Hoover, Ala. $284,000 4.2% 10.3% 27.3% -11.2% 42 5 17.2% 9.2 pp
Boston-Cambridge-Newton, Mass.-N.H. $729,000 12.2% 4.2% 4.5% -22.4% 35 4 17.1% 4.6 pp
Buffalo-Cheektowaga-Niagara Falls, N.Y. $247,000 6.6% 6.7% 11.2% -13.1% 37 6 9.3% 1.9 pp
Charlotte-Harmony-Gastonia, N.C.-S.C. $425,000 10.3% 12.6% 64.3% 11.4% 37 9 19.9% 7.6 pp
Chicago-Naperville-Elgin, Ailing.-Ind.-Wis. $350,000 2.6% 1.9% -11.7% -24.4% 36 1 15.4% 2.2 pp
Cincinnati, Ohio-Ky.-Ind. $325,000 1.6% 5.8% -7.0% -21.4% 34 3 13.8% 3.2 pp
Cleveland-Elyria, Ohio $225,000 12.5% 8.7% 4.9% -14.1% 41 2 16.6% 3.5 pp
Columbus, Ohio $336,000 12.0% 11.0% 11.1% -15.2% 29 8 19.4% 6.2 pp
Dallas-Fort Price-Arlington, Texas $461,000 16.7% 13.6% 80.7% 5.4% 36 5 26.3% 14 pp
Denver-Aurora-Lakewood, Colo. $637,000 6.2% 2.1% 71.6% -13.4% 30 9 31.3% 18.7 pp
Detroit-Warren-Dearborn, Mich. $275,000 2.6% 3.4% 25.5% -10.0% 33 9 24.3% 7.3 pp
Hartford-West Hartford-East Hartford, Conn. $377,000 14.2% 3.9% -24.4% -24.1% 37 4 9.4% 0.4 pp
Houston-The Woodlands-Sugar Land, Texas $383,000 5.3% 8.2% 23.2% -1.4% 38 1 21.4% 7.3 pp
Indianapolis-Carmel-Anderson, Ind. $313,000 12.0% 12.6% 39.6% -9.3% 37 1 20.5% 9 pp
Jacksonville, Fla. $429,000 19.5% 17.7% 75.1% -4.7% 41 3 23.2% 13.1 pp
Kansas Metropolis, Mo.-Kan. $387,000 20.2% 13.5% 29.5% -17.1% 46 7 14.3% 4.2 pp
Las Vegas-Henderson-Paradise, Nev. $470,000 11.3% 15.1% 93.4% 13.1% 37 11 41.3% 24.4 pp
Los Angeles-Lengthy Seashore-Anaheim, Calif. $938,000 4.3% 5.1% 37.9% -17.5% 37 4 19.4% 10.9 pp
Louisville/Jefferson County, Ky.-Ind. $299,000 12.9% 7.9% 15.5% -17.8% 32 6 19.8% 6.2 pp
Memphis, Tenn.-Miss.-Ark. $313,000 25.8% 22.2% 55.5% -7.4% 39 2 16.4% 9.3 pp
Miami-Fort Lauderdale-West Palm Seashore, Fla. $617,000 33.4% 18.9% 8.6% -6.1% 50 -9 14.8% 7.4 pp
Milwaukee-Waukesha-West Allis, Wis. $362,000 25.0% 13.3% -11.8% -26.9% 36 1 13.8% -1.1 pp
Minneapolis-St. Paul-Bloomington, Minn.-Wis. $420,000 18.3% 8.4% -5.1% -22.7% 37 8 16.8% 5.8 pp
Nashville-Davidson–Murfreesboro–Franklin, Tenn. $533,000 21.2% 13.1% 129.2% 25.5% 28 10 27.4% 15.7 pp
New Orleans-Metairie, La. $334,000 -1.8% 1.5% 24.4% -14.8% 49 4 22.9% 9.3 pp
New York-Newark-Jersey Metropolis, N.Y.-N.J.-Pa. $637,000 6.3% 3.1% -9.4% -20.4% 54 2 10.3% 1.4 pp
Oklahoma Metropolis, Okla. $320,000 14.1% 16.1% 40.7% 8.7% 41 5 18.6% 6.3 pp
Orlando-Kissimmee-Sanford, Fla. $454,000 21.1% 19.3% 74.0% -3.1% 40 3 22.0% 11.4 pp
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. $339,000 6.1% 7.1% -1.8% -22.2% 46 3 14.5% 2.9 pp
Phoenix-Mesa-Scottsdale, Ariz. $500,000 5.3% 11.2% 177.4% -6.4% 38 8 42.7% 30.9 pp
Pittsburgh, Pa. $236,000 1.4% 0.5% 1.5% -17.3% 44 2 19.0% 4.7 pp
Portland-Vancouver-Hillsboro, Ore.-Wash. $595,000 7.1% 6.6% 51.3% -18.2% 37 3 29.0% 13 pp
Windfall-Warwick, R.I.-Mass. $475,000 10.9% 8.5% 0.3% -20.5% 33 2 12.0% 3.8 pp
Raleigh, N.C. $487,000 15.2% 12.6% 163.6% 14.4% 30 12 23.9% 16.7 pp
Richmond, Va. $385,000 10.0% 9.3% 2.7% -22.9% 37 -1 11.3% 3.6 pp
Riverside-San Bernardino-Ontario, Calif. $587,000 8.2% 10.6% 75.6% -16.0% 42 11 23.4% 14.7 pp
Rochester, N.Y. $225,000 -1.7% 5.2% -4.6% -12.8% 23 5 11.6% 0.2 pp
Sacramento–Roseville–Arden-Arcade, Calif. $615,000 4.4% 5.1% 63.0% -14.2% 36 8 29.7% 17.3 pp
San Antonio-New Braunfels, Texas $375,000 7.1% 9.3% 66.5% 1.6% 39 5 22.4% 10.1 pp
San Diego-Carlsbad, Calif. $897,000 9.5% 10.5% 45.8% -20.3% 32 4 23.6% 13.8 pp
San Francisco-Oakland-Hayward, Calif. $1,049,000 5.4% 4.8% 40.4% -19.7% 35 7 17.7% 10 pp
San Jose-Sunnyvale-Santa Clara, Calif. $1,372,000 9.7% 5.4% 31.1% -29.3% 36 6 18.4% 11 pp
Seattle-Tacoma-Bellevue, Wash. $777,000 15.1% 8.7% 91.4% -14.8% 34 5 21.9% 13.6 pp
St. Louis, Mo.-Ailing. $279,000 11.8% 8.9% -2.2% -15.6% 44 3 14.6% 3.6 pp
Tampa-St. Petersburg-Clearwater, Fla. $437,000 21.6% 15.5% 101.0% 0.4% 37 3 27.8% 16.8 pp
Virginia Seashore-Norfolk-Newport Information, Va.-N.C. $359,000 15.6% 10.4% -10.3% -18.3% 29 3 17.1% 3.4 pp
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. $573,000 13.2% 2.9% 1.5% -27.0% 36 3 17.5% 4.8 pp

 


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