Existing Home Sales Decline Month-Over-Month and Year-Over-Year in October

The National Association of Realtors® (NAR) reported on Friday (11-18-22) that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 5.9% decline in October, reaching a seasonally adjusted rate of 4.43 million homes. This is the nineth consecutive monthly decrease.

Year-over-year, sales are down 28.4% (6.19 million in October 2021). Month-over-month and year-over-year, sales contracted in all four major regions.

At the end of October, total housing inventory registered was 1.22 million units, down 0.8% both month-over-month and year-over-year from September (1.23 million units). Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 3.1 months in September and 2.4 months in October 2021.

The median existing home price for all housing types in October was $379,100, which represents an 6.6% increase from October 2021 ($355,700), as prices increased in all regions. This marks 128 consecutive months of year-over-year increases, the longest-running streak on record. However, it was the fourth month in a row that the median sales prices declined after reaching a record high of $413,800 in June.

Properties typically remained on the market for 21 days, up from 19 days in September, 16 days in August, and 18 days in October 2021. Sixty-four percent of homes sold in October 2022 were on the market for less than a month.