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

The National Association of Realtors® (NAR) reported on Thursday (10-20-22) that total existing home sales recorded a 1.5% decline in September from August to a seasonally adjusted rate at 4.71 million homes—the eighth consecutive monthly decline.

Year-over-year sales are down 23.8% (6.18 million September 2021). Month-over-month sales contracted in three out of the four major regions, with only the West holding steady. On a year-over-year basis, sales dropped in all regions.

Existing home sales are defined completed transactions for single-family homes, townhomes, condominiums, and co-ops.

At the end of September, total housing inventory registered was 1.25 million units, a decrease of 2.3% from August and 0.8% below September 2021. Unsold inventory sits at a 3.2-month supply at the current sales pace, identical to August but up from 2.4 months in September 2021.

The median existing home price for all housing types in September was $384,800, which represents an 8.4% increase from September 2021 ($355,100), as prices increased in all regions. This marks 127 consecutive months of year-over-year increases—the longest-running streak on record. However, it was the third 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 19 days in September, up from 16 days in August, 14 days in July, and from 17 days in September 2021. Seventy percent of homes sold in September 2022 were on the market for less than a month.