August 2022 Market Update

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 the last measure, according to the National Association of REALTORS® (NAR). Here in the Northern Hudson Valley area, New Listings were down 1.1 percent to 172 this past August. Pending Sales increased 36.2 percent to 188. Inventory shrank 31.2 percent to 595 units.

Prices moved higher as the Median Sales Price was up 12.6 percent to $340,000. Days on the Market increased 55.0 percent to 62 days. And Months’ Supply of Inventory was down 11.7 percent to 5.3 months. 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. What do you think will happen to the market in the coming months? Comment below!

Written by Zachary Petrocca on December 21, 2022. Posted in Blog Post

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August 2022 Market Update

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