6 Real Estate Market Stats
September 2022 saw the 8th consecutive month of declining home sales in three out of four US regions. Compared to last year, September sales decreased by 24%. No surprises there given the steady rise in interest rates. So are there—finally—more houses on the market to choose from?
Well… not quite.
“Multiple offers are still occurring, with more than a quarter of homes selling above list price due to limited inventory,” says Lawrence Yun, chief economist at the National Association of Realtors. According to Yun, the continued short supply underscores the huge difference between the current market downturn and the one we experienced from 2008-2010. Back then, inventory was quadruple what it is today.
SEPTEMBER 2022 STATS
1) Homes were on the market for an average of 19 days.
2) 70% were on the market for less than a month.
3) First-time buyers accounted for 29% of sales.
4) All-cash sales accounted for 22% of transactions.
5) 15% of buyers were investors or second-home buyers.
6) Foreclosures and short sales represented 2% of sales.
