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Summer 2022 has been a season of change for the U.S. real estate market. With Closed Sales 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.
New Listings were down 28.8 percent for single-family homes and 29.7 percent for condominium properties. Closed Sales decreased 21.0 percent for single-family homes and 2.6 percent for condominium properties. The Median Sales Price was up 12.9 percent to $700,000 for single-family homes and 24.3 percent to $499,750 for condominium properties. Months Supply of Inventory increased 26.7 percent for single-family units but decreased 5.9 percent for condominium units.
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.
Nichole Willey & Team are your local real estate experts on Cape Cod & the South Shore! Whethor you are looking to buy, sell, invest, or rent- we have a team of passionate, local professionals waiting to help make your real estate goals a reality. Contact us today!
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