Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been
particularly hard on homebuilders, causing new-home sales and construction to slow.
- Closed Sales decreased 34.2 percent for Detached homes and 27.1 percent for Attached homes.
- Pending Sales decreased 32.9 percent for Detached homes and 31.3 percent for Attached homes.
- The Median Sales Price was up 4.8 percent to $985,000 for Detached homes and 15.9 percent to $672,500 for Attached homes.
- Days on Market increased 60.0 percent for Detached homes and 75.0 percent for Attached homes.
Supply increased 20.0 percent for Detached homes and 45.5 percent for Attached homes.
Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.
San Diego North County Monthly Housing Market Indicators August 2022
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