In October, the national inventory of active
listings grew 33.5% year-over-year to a two-year high;
affordability challenges continued to drive home shopper interest
in relocating in Q3
SANTA
CLARA, Calif., Nov. 3, 2022
/PRNewswire/ -- The U.S. supply of for-sale homes hit a milestone
on the road to recovery from the shortage of the past two years in
October, as active listings soared 33.5% year-over-year to the
highest level since 2020, according to the Realtor.com®
Monthly Housing Trends Report released today. However, October
data suggests that fewer home shoppers could afford to take
advantage of the rise in available inventory, with time on market
continuing to climb amid still-high listing prices.
"As the rapid runup in rates reshapes housing market dynamics
this fall, both buyers and sellers are taking a step back to
recalibrate their plans. Home shoppers are looking at a monthly
mortgage payment that is roughly $1,000 higher than at this time last year,
and incomes are rising but not by that much. Combined with
asking prices that are still climbing at a double-digit yearly
pace, the average American has taken a huge hit to their homebuying
power," said Danielle Hale, Chief
Economist for Realtor.com®. "Still, our data indicates
that some aspiring homeowners are finding ways to make the most of
inventory conditions, such as by exploring relatively affordable
metros. For buyers with the flexibility, relocating to a
lower-priced market could help offset higher mortgage costs.
There's also a takeaway for sellers in these areas – on a
well-priced home, you could still see strong interest from these
out-of-towners."
October 2022 Housing Metrics –
National
|
Metric
|
Change over Oct.
2021
|
Change over Oct.
2020
|
Change over Oct.
2019
|
|
Median listing
price
|
13.3% (to $425,000)
|
21.8 %
|
37.1 %
|
|
Active
listings
|
33.5 %
|
2.8 %
|
-37.6 %
|
|
New listings
|
-15.9 %
|
-23.1 %
|
-16.3 %
|
|
Median days on
market
|
6 days (to 51
days)
|
5 days
|
-18 days
|
|
Share of active
listings
with price reductions
|
10.3 percentage
points
(to 20.9%)
|
10.7 percentage
points
(from 10.2% in 2020)
|
3.9 percentage
points
(from 17.0% in 2019)
|
Inventory recovery accelerates amid higher rates and
moderating demand
In October, the U.S. supply of active listings grew at a
record-fast1 annual pace and surpassed
2020 levels for the first time, even as new sellers declined
year-over-year for the fifth consecutive month. Additionally,
pending listings, or homes under contract with a buyer, continued
to drop. These trends indicate that October's accelerated inventory
improvements were largely due to moderating buyer demand, fueled by
mortgage costs that are rising at a faster pace than
inflation and incomes. While some softening in seller
participation is typical in the fall, this year's significant new
listings declines reflect the impact of home shoppers' diminished
buying power on seller sentiment. However, sellers may still see
strong buyer competition for fewer options in some regions, with
inventory still lagging October 2020
levels in the Northeast and Midwest, regions where home sales
declines have also been more modest.
- Nationally, active inventory grew 33.5% year-over-year in
October, reaching the highest level in 24 months. Meanwhile, both
newly-listed homes (-15.9%) and pending listings (-30.0%) declined
year-over-year.
- Among the 50 largest U.S. metros, 42 markets posted yearly
active inventory gains in October, led by Phoenix (+173.9%), Raleigh, N.C. (+167.4%) and Nashville, Tenn. (+145.0%). The number of
for-sale homes was still down year-over-year in the remaining eight
markets, by the largest amounts in Hartford, Conn. (-25.7%), Virginia Beach, Va. (-11.0%) Milwaukee (-9.6%) and Chicago (-9.6%).
- On average across the 50 largest metros, no regions saw
year-over-year new listing increases in October, with the greatest
declines registered in the West (-20.6%), followed by the Northeast
(-17.4%), Midwest (-15.0%) and South (-9.8%). Furthermore,
newly-listed homes increased in just four markets: Nashville, Tenn. (+10.5%), New Orleans (+6.2%), Dallas (+5.6%) and San Antonio (+1.4%).
- Compared to October 2020, active
inventory was higher in 32 of the 50 biggest markets, led by
western (+33.9%) and southern metros (+7.2%): Phoenix (+132.0%), Austin, Texas (+120.8%), Riverside, Calif. (+67.2%), Memphis, Tenn. (+59.7%) and Nashville (+55.7%). Inventory remained lower
than two years ago in the Northeast (-21.1%) and Midwest
(-7.9%).
Competition stalls as home listing prices and time on market
hold steady
With home sales activity declining along with affordability in
October, national trends reflected a market in which competition
continued at a cooler pace than during this year's summer peak.
However, compared to last month, there was little change in both
listing prices and time on market. This may be partly attributed to
regional variations in supply and demand dynamics, with
still-strong home shopper interest in relatively affordable
markets balancing out the slowdown in other areas. In the
Midwest and Northeast, where buyers saw relatively smaller
inventory improvements in October, time on market and the share of
homes with price reductions posted smaller year-over-year increases
than in other regions.
- In October, national listing price trends were relatively
unchanged from the prior month, with the median listing price
dipping just $2,000 to $425,000. Additionally, annual home listing price
growth decelerated just slightly, to 13.3% from 13.9% in
September.
- On average across the 50 largest U.S. metros, yearly listing
price growth entered single-digit territory in October (+9.2%).
However, for-sale home prices continued to rise by double-digits
year-over-year in 20 markets, led by Milwaukee (+34.5%), Miami (+25.1%) and Kansas City (+21.4%).
- The share of homes with price reductions was up 10.3 percentage
points to 20.9% in October, well above 2017 (18.1%) and 2019
(17.0%) levels, but just under the 2018 share (21.2%). Western
(+18.9 percentage points) and southern metros (+13.6 percentage
points) posted the greatest increases in the share of price
reductions: Phoenix (+35.9
percentage points), Austin (+31.2
percentage points) and Las Vegas
(+24.4 percentage points).
- The typical home spent 51 days on the market in October, six
days more than last year, but still 20 days faster than the typical
2017-2019 pace. The metros where homes spent longest on the market
compared to October 2021 were
Raleigh (+27 days), Austin (+26 days), Phoenix (+21 days) and Las Vegas (+21 days).
- Time on market declined year-over-year in October in 10 of the
50 largest metros, led by New
Orleans (-21 days), where last year's pace was impacted by
Hurricane Ida, followed by Richmond,
Va. (-15 days) and Birmingham,
Ala. (-6 days).
Spotlight On: Higher housing costs fuel demand from
out-of-town home shoppers
Similar to October's for-sale housing trends, the
Realtor.com® Q3 Cross-Market Demand Report also
released today highlights regional variations in homebuying
activity. With rising rates pushing the typical monthly mortgage
payment up 77.1% in October compared to a year ago, some buyers are
potentially trying to add room in their budgets by searching
further from where they live for lower-priced homes.
Nationwide in Q3 2022, 60.7% of listings views on
Realtor.com® came from users located outside of the
listing's metro, compared to 56.9% during the prior quarter and
52.1% at the same time last year. Regionally, northeastern (69.0%)
and western (65.7%) home shoppers were most likely to search
out-of-market in Q3. This may be attributed to buyers looking for
relative affordability, as October median listing prices were
higher across large metros in the Northeast ($440,000) and West ($763,000) than in other regions, on average.
Q3 & October 2022 Housing
Metrics – Regional*
|
Region
|
Q3 2022 Share of
Outbound Views to
Other Metros Y-Y
(Percentage Points)
|
Oct. 2022
Median
Listing
Price YoY
|
Oct. 2022
Active
Listing
Count YoY
|
Oct. 2022
New
Listing
Count YoY
|
Oct. 2022
Median Days
on Market
Y-Y
(Days)
|
Oct. 2022 Price
Reduced Share
Y-Y (Percentage
Points)
|
|
Midwest
|
9.7 pp (to
57.0%)
|
12.9% (to
$321,000)
|
12.4 %
|
-15.0 %
|
2 days
|
6.8 pp
|
|
Northeast
|
17.1 pp (to
69.0%)
|
8.1% (to
$440,000)
|
-1.2 %
|
-17.4 %
|
3 days
|
4.1 pp
|
|
South
|
3.8 pp (to
54.1%)
|
10.0% (to
$401,000)
|
69.9 %
|
-9.8 %
|
6 days
|
13.6 pp
|
|
West
|
4.4 pp (to
65.7%)
|
5.0% (to
$762,000)
|
72.1 %
|
-20.6 %
|
11 days
|
18.9 pp
|
*Note: Regional Q3 2022 Cross-Market Demand metrics include all
metros across the U.S. 50 States and District of Columbia. Regional October 2022 housing metrics reflect the combined
average of the 50 largest U.S. metro areas.
October 2022 Housing Metrics – 50
Largest U.S. Metro Areas
|
Metro
Area
|
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.
|
$412,000
|
4.8 %
|
5.2 %
|
60.0 %
|
-11.9 %
|
45
|
-1
|
24.8 %
|
16.9 pp
|
|
Austin-Round Rock,
Texas
|
$550,000
|
0.0 %
|
1.3 %
|
135.9 %
|
-4.8 %
|
57
|
26
|
47.3 %
|
31.2 pp
|
|
Baltimore-Columbia-Towson, Md.
|
$342,000
|
5.3 %
|
5.6 %
|
-0.3 %
|
-24.5 %
|
43
|
3
|
18.1 %
|
4.9 pp
|
|
Birmingham-Hoover,
Ala.
|
$280,000
|
-1.8 %
|
6.5 %
|
45.4 %
|
-9.5 %
|
47
|
-6
|
17.9 %
|
10.6 pp
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$745,000
|
10.4 %
|
3.2 %
|
5.0 %
|
-15.2 %
|
32
|
2
|
22.4 %
|
8 pp
|
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$240,000
|
6.6 %
|
7.2 %
|
9.8 %
|
-13.7 %
|
53
|
3
|
10.3 %
|
3.7 pp
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$415,000
|
5.0 %
|
9.6 %
|
72.4 %
|
-19.0 %
|
45
|
13
|
23.9 %
|
12.7 pp
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$340,000
|
3.3 %
|
0.4 %
|
-9.6 %
|
-16.8 %
|
40
|
-2
|
17.0 %
|
3.8 pp
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
$323,000
|
7.7 %
|
4.5 %
|
1.2 %
|
-10.4 %
|
36
|
-2
|
15.4 %
|
4.1 pp
|
|
Cleveland-Elyria,
Ohio
|
$210,000
|
10.5 %
|
7.8 %
|
8.4 %
|
-18.4 %
|
47
|
3
|
18.3 %
|
6 pp
|
|
Columbus,
Ohio
|
$339,000
|
16.9 %
|
9.6 %
|
21.7 %
|
-13.8 %
|
32
|
3
|
24.5 %
|
10.7 pp
|
|
Dallas-Fort
Worth-Arlington, Texas
|
$450,000
|
12.8 %
|
9.9 %
|
110.5 %
|
5.6 %
|
45
|
8
|
29.0 %
|
19.7 pp
|
|
Denver-Aurora-Lakewood,
Colo.
|
$620,000
|
1.6 %
|
0.7 %
|
83.4 %
|
-17.8 %
|
37
|
13
|
35.5 %
|
23.7 pp
|
|
Detroit-Warren-Dearborn, Mich.
|
$250,000
|
2.9 %
|
3.3 %
|
25.0 %
|
-10.4 %
|
41
|
8
|
24.4 %
|
7.7 pp
|
|
Hartford-West
Hartford-East Hartford, Conn.
|
$375,000
|
13.7 %
|
3.7 %
|
-25.7 %
|
-24.5 %
|
36
|
-2
|
10.8 %
|
1.1 pp
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
$369,000
|
2.5 %
|
5.0 %
|
33.0 %
|
-2.5 %
|
49
|
-4
|
23.2 %
|
10.9 pp
|
|
Indianapolis-Carmel-Anderson, Ind.
|
$300,000
|
9.1 %
|
10.6 %
|
51.5 %
|
-12.9 %
|
42
|
4
|
24.7 %
|
12.8 pp
|
|
Jacksonville,
Fla.
|
$400,000
|
12.7 %
|
13.8 %
|
89.4 %
|
-14.9 %
|
54
|
15
|
24.0 %
|
14.5 pp
|
|
Kansas City,
Mo.-Kan.
|
$388,000
|
21.4 %
|
13.0 %
|
40.2 %
|
-16.2 %
|
55
|
7
|
18.2 %
|
8.7 pp
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
$450,000
|
2.3 %
|
7.9 %
|
89.0 %
|
-4.3 %
|
54
|
21
|
37.9 %
|
24.4 pp
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$940,000
|
1.6 %
|
4.5 %
|
44.7 %
|
-22.6 %
|
49
|
10
|
20.2 %
|
12.9 pp
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
$300,000
|
15.6 %
|
6.6 %
|
15.6 %
|
-19.2 %
|
37
|
7
|
21.6 %
|
8.7 pp
|
|
Memphis,
Tenn.-Miss.-Ark.
|
$320,000
|
20.7 %
|
20.6 %
|
92.9 %
|
-7.2 %
|
46
|
12
|
20.0 %
|
12.6 pp
|
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$599,000
|
25.1 %
|
13.2 %
|
22.4 %
|
-11.8 %
|
61
|
0
|
16.2 %
|
9.4 pp
|
|
Milwaukee-Waukesha-West
Allis, Wis.
|
$370,000
|
34.5 %
|
17.2 %
|
-9.6 %
|
-21.1 %
|
37
|
-5
|
18.5 %
|
1.6 pp
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$405,000
|
15.7 %
|
6.9 %
|
-2.4 %
|
-17.7 %
|
39
|
2
|
20.7 %
|
8.6 pp
|
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$525,000
|
15.4 %
|
10.3 %
|
145.0 %
|
10.5 %
|
31
|
11
|
28.2 %
|
18.2 pp
|
|
New Orleans-Metairie,
La.
|
$329,000
|
-3.1 %
|
-2.6 %
|
75.8 %
|
6.2 %
|
60
|
-21
|
22.6 %
|
12.9 pp
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$670,000
|
8.8 %
|
10.4 %
|
-7.9 %
|
-18.6 %
|
64
|
3
|
11.8 %
|
2.9 pp
|
|
Oklahoma City,
Okla.
|
$320,000
|
16.5 %
|
11.2 %
|
53.4 %
|
-26.4 %
|
48
|
5
|
19.3 %
|
10.4 pp
|
|
Orlando-Kissimmee-Sanford, Fla.
|
$445,000
|
14.1 %
|
16.4 %
|
79.6 %
|
-13.7 %
|
57
|
16
|
21.5 %
|
12.4 pp
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$335,000
|
4.7 %
|
6.1 %
|
4.3 %
|
-17.4 %
|
51
|
2
|
18.0 %
|
5 pp
|
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$485,000
|
0.8 %
|
5.9 %
|
173.9 %
|
-15.6 %
|
51
|
21
|
46.3 %
|
35.9 pp
|
|
Pittsburgh,
Pa.
|
$220,000
|
-2.3 %
|
-2.1 %
|
8.1 %
|
-9.0 %
|
54
|
4
|
21.3 %
|
5.5 pp
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$580,000
|
5.4 %
|
5.1 %
|
49.5 %
|
-23.4 %
|
45
|
2
|
25.5 %
|
9.1 pp
|
|
Providence-Warwick,
R.I.-Mass.
|
$470,000
|
6.8 %
|
7.6 %
|
-4.0 %
|
-25.1 %
|
37
|
8
|
12.8 %
|
3.7 pp
|
|
Raleigh,
N.C.
|
$453,000
|
6.5 %
|
8.0 %
|
167.4 %
|
-8.6 %
|
48
|
27
|
27.1 %
|
19.9 pp
|
|
Richmond,
Va.
|
$380,000
|
8.5 %
|
9.4 %
|
12.5 %
|
-22.1 %
|
43
|
-15
|
14.0 %
|
6.8 pp
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
$575,000
|
4.7 %
|
10.3 %
|
79.6 %
|
-18.2 %
|
54
|
17
|
25.5 %
|
17 pp
|
|
Rochester,
N.Y.
|
$225,000
|
7.2 %
|
10.3 %
|
1.4 %
|
-14.1 %
|
25
|
2
|
12.7 %
|
1.5 pp
|
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$599,000
|
0.8 %
|
2.0 %
|
49.5 %
|
-29.7 %
|
47
|
14
|
30.3 %
|
19 pp
|
|
San Antonio-New
Braunfels, Texas
|
$355,000
|
6.6 %
|
7.3 %
|
80.1 %
|
1.4 %
|
54
|
10
|
24.9 %
|
13.8 pp
|
|
San Diego-Carlsbad,
Calif.
|
$890,000
|
7.9 %
|
9.2 %
|
61.4 %
|
-16.4 %
|
40
|
5
|
25.8 %
|
18 pp
|
|
San
Francisco-Oakland-Hayward, Calif.
|
$1,089,000
|
9.4 %
|
1.9 %
|
31.7 %
|
-29.4 %
|
38
|
8
|
22.0 %
|
14.8 pp
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,399,000
|
9.7 %
|
4.7 %
|
28.8 %
|
-36.1 %
|
37
|
0
|
20.0 %
|
14.3 pp
|
|
Seattle-Tacoma-Bellevue, Wash.
|
$750,000
|
11.1 %
|
6.7 %
|
101.5 %
|
-13.7 %
|
39
|
6
|
26.4 %
|
18.6 pp
|
|
St. Louis,
Mo.-Ill.
|
$276,000
|
14.8 %
|
7.7 %
|
6.1 %
|
-9.7 %
|
44
|
-1
|
16.5 %
|
5.8 pp
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$425,000
|
13.3 %
|
10.2 %
|
118.2 %
|
-4.4 %
|
51
|
15
|
26.8 %
|
17.2 pp
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$360,000
|
19.8 %
|
9.1 %
|
-11.0 %
|
-19.4 %
|
38
|
5
|
19.7 %
|
7.7 pp
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$574,000
|
13.7 %
|
-0.2 %
|
3.4 %
|
-18.8 %
|
37
|
2
|
19.3 %
|
6.3 pp
|
Methodology
Realtor.com® housing data as of October 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.
Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as
defined by the Office of Management and Budget (OMB).
Q3 2022 Cross-Market Demand Report: Analyzes views of for-sale
listings on Realtor.com®. Share of outbound views (i.e.
out-of-metro views, out-of-market views) are quoted as percentage
of views originating from home metros or states to other metros or
states. Note: The Q3 analysis focuses on domestic views from metro
areas only, and thus the percent of out-of-metro views will not
match previously-published reports/releases in which international
and non-metro views were included.
About Realtor.com®
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breaking down barriers, helping them make the right connections,
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Media Contact
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1 Based on Realtor.com® monthly
data history since July 2017.
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content:https://www.prnewswire.com/news-releases/realtorcom-october-housing-report-number-of-homes-for-sale-surpasses-2020-levels-301667210.html
SOURCE Realtor.com