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.
- Single Family Closed Sales were down 16.8 percent to 2,480.
- Townhouse-Condo Closed Sales were down 12.6 percent to 625.
- Adult Communities Closed Sales were down 7.0 percent to 66.
- Single Family Median Sales Price increased 6.8 percent to $550,000.
- Townhouse-Condo Median Sales Price increased 6.1 percent to $350,000.
- Adult Communities Median Sales Price increased 4.5 percent to $455,500.
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 buyerfriendly direction.