In August, the typical U.S. home spent five
more days on the market than last year, but still moved 22 days
faster than the typical 2017-2019 pace
SANTA
CLARA, Calif., Sept. 1,
2022 /PRNewswire/ -- The U.S. housing market offered
buyers more breathing room to make decisions in August, with the
first1 year-over-year increase in time
on market (+5 days) since June 2020,
according to the Realtor.com® Monthly Housing Trends
Report released today. Additionally, August home shoppers had
more active listings to choose from than last year (+26.6%), even
as new sellers continued to pull back.
"For many of today's buyers, the uptick in for-sale home options
is taking away the sense of urgency that they felt during the past
two years, when inventory was scarce. As a result of this shift
coupled with higher mortgage rates, competition continued to cool
in August, with listing price trends indicating that home sellers
are noticing shoppers tightening their purse strings," said
Danielle Hale, Chief Economist for
Realtor.com®. "As we soak up the last days of summer,
the housing market is beginning to find more balance between
buyer-friendliness and still favorable selling conditions. Location
also matters; our 2022 Hottest ZIP Codes show that competition
for homes remains fierce in many markets in the Northeast, which
was also the only region where inventory declined from 2021 levels
in August. Regardless of where you live, it's important to
rate-proof your budget by contingency planning for various monthly
housing cost scenarios, as mortgage rates will likely continue to
fluctuate through end-of-year."
August 2022 Housing Metrics –
National
Metric
|
Change over August
2021
|
Change over August
2019
|
Median listing
price
|
14.3 %($435,000)
|
36.9 %
|
Active
listings
|
26.6 %
|
-41.5 %
|
New listings
|
-13.4 %
|
-10.3 %
|
Median days on
market
|
5 days (to 42
days)
|
-22 days
|
Buyers get their first break from
the rush for homes as time on market rises
In August, national time on market increased year-over-year for
the first time in 26 months, and also grew in the vast majority of
large metros. These trends reflect a housing market that is getting
a refresh from the past two-plus years of frenzied buyer
demand that outmatched supply, with inventory rising and more
typical seasonality expected to return in the fall. It's a long
road to balance, with homes still selling more quickly than prior
to COVID. However, relative to the market's recent peak, August's
milestone shift in time on market trends is a step toward offering
buyers relief from the relentless rush for homes.
- In August, a typical home spent 42 days on market, five days
longer than last year and the first increase since June 2020, but still 22 days faster than in
2017-2019, on average.
- Time on market was lower across the 50 largest U.S. metros (37
days, on average) relative to the national median, but also slowed
from the August 2021 pace (+5 days)
in the same markets.
- Forty-eight of these metros posted yearly gains in time on
market, with the biggest increases registered in Austin, Texas (+16 days), Raleigh, N.C. (+12 days), Riverside, Calif. (+11 days), Las Vegas (+11 days) and Nashville, Tenn. (+10 days).
- Miami (-9 days) and
Richmond, Va. (-1 day) were the
only two markets where time on market declined compared to last
year.
Home price growth continues to
moderate, but affordability remains a challenge
National listing prices continued to grow by double-digits
year-over-year in August, but the pace decelerated for the third
month in a row. Until recently, asking prices kept accelerating due
to the combination of still-high seller expectations and a shift in
the mix of inventory to include more larger homes. However, data
indicates that these trends are changing course, with listing
prices per square foot also moderating. Even so, prices remain
historically high and continue to rise more quickly than usual,
which means affordability is still a challenge for buyers and that
many homeowners are sitting on record-high levels of equity.
- The U.S. median listing price was $435,000 in August, down from June's record-high
($450,000), but still 36.9% higher
than in August 2019. Compared to last
month, listing price growth moderated year-over-year overall (to
+14.3% from +16.6%) and on a square foot basis (to +13.2% from
+15.5%).
- Among the 50 largest U.S. metros, August's biggest annual
listing price gains were in Miami
(+33.4%), Memphis, Tenn. (+25.8%)
and Milwaukee (+25.0%).
- Nationwide, 19.4% of active listings had their price reduced, a
higher share than in August 2021
(11.0%).
- In August, the number of for-sale homes with price reductions
increased year-over-year in 49 large metros, led by Phoenix (+30.9 percentage points),
Austin (+24.8 percentage points)
and Las Vegas (+24.4 percentage
points). Milwaukee was the only
market where the share of inventory with price reductions declined
(-1.1 percentage points year-over-year).
New listings dip along with seller
sentiment; move-up buyers may find opportunities
With homes taking longer to sell and higher costs forcing more
buyers to put plans on pause, active inventory continued to recover
in August even as new listings declined. This reflects a reversal
from earlier trends, as sellers had been fueling a run of inventory
growth with freshly-listed homes. However, seller
sentiment has since shifted greatly, suggesting that today's
homeowners feel like they missed the boat on peak pricing, while
others could be concerned about the cost of buying their next home.
However, a new survey suggests that today's seller-buyers have
more bargaining power when it comes to terms like closing
timelines, which could mean more flexibility to coordinate a
purchase around their home sale. In fact, the share of sellers who
accepted contingencies nearly doubled in the Summer (41%) from the
Spring (22%).
- On a typical day in August, the U.S. inventory of active
listings grew 26.6% year-over-year, just shy of last month's
record-fast pace (30.7%). Aside from the Northeast (-2.4%), active
inventory grew in all major regions, led by the West (+70.8%) and
followed by the South (+56.3%) and Midwest (+6.5%).
- Reflecting moderating demand as buyers face 61% higher monthly
mortgage payments than last year, pending listings posted a bigger
annual decline in August (-21.9%) compared to July (-19.4%).
- New listings declined from August
2021 levels nationwide (-13.4%) and in 42 of the 50 largest
markets, most significantly in San Jose,
Calif. (-29.3%), Baltimore
(-28.3%) and Washington
(-27.0%).
- New listings grew in just eight markets, led by Nashville (+25.5%), Raleigh (+14.4%) and Las Vegas (+13.1%).
August 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)
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$425,000
|
7.3 %
|
9.0 %
|
48.7 %
|
-5.8 %
|
35
|
1
|
22.0 %
|
12.8 pp
|
Austin-Round 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-Concord-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, Ill.-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
Worth-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 City,
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-Long
Beach-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 Beach, 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
City, N.Y.-N.J.-Pa.
|
$637,000
|
6.3 %
|
3.1 %
|
-9.4 %
|
-20.4 %
|
54
|
2
|
10.3 %
|
1.4 pp
|
Oklahoma City,
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
|
Providence-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.-Ill.
|
$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
Beach-Norfolk-Newport News, 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
|
Methodology
Realtor.com® housing data as of August 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.
About
Realtor.com®
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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
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business growth, offering consumer connections and branding
solutions that help them succeed in today's on-demand world.
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information, visit Realtor.com® .
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Contact
press@realtor.com
1 In this release, the first instance
refers to the first month versus another time period.
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