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In October, the number of homes actively for sale shrank on an annual basis for the fourth month in a row, despite an unseasonal increase in inventory over September
SANTA CLARA, Calif., Nov. 2, 2023 /PRNewswire/ -- While home prices remained relatively stable year over year this October, limited inventory continues to hamper homebuyers as the number of homes actively for sale shrank on an annual basis (-2.0%) for the fourth month in a row, according to the Realtor.com® October Monthly Housing Trends Report released today. However, inventory rose unseasonably (+5.1%) between September and October this year as mortgage rates exceeded 20-year highs and created additional headwinds for homebuyers.
Notably, while home prices stayed flat, the share of price reductions, while down year over year, continued to grow on a monthly basis, indicating that home prices could potentially soften in the coming months.
"The current housing market continues to challenge homebuyers and sellers alike, but we do see signs of adjustment," said Danielle Hale, Chief Economist at Realtor.com®. "While record-high mortgage rates are putting off many would-be buyers, decreases in both inventory and time homes spend on the market shows that some buyers are moving quickly to lock in rates before they can go any higher. Buyers did see some measure of relief in stable home prices this month, and we'll be watching the rising share of listings with reduced prices to see how that impacts prices in the near future."
What it means for homebuyers, sellers, and the housing market
Inventory down -41.8% below typical 2017 to 2019 pre-pandemic levels, still-climbing mortgage rates, and elevated home prices continue to deter potential buyers in October. To help offset scarce inventory and affordability challenges, many homebuyers are turning to affordable new construction, while those who choose to remain renters for longer are quickly absorbing more affordable new units coming onto the market.
A few relatively unusual monthly data points are worth watching, such as late-season growth in the inventory of homes for sale at a time when it would typically decline, along with the rising share of price reductions, which could signal a softness in prices in the coming months. Easing prices would be encouraging news for buyers, as much-higher mortgage rates compared to last October have increased the monthly cost of financing 80% of the typical home by roughly $166 (+7.4%) compared to one year ago, bringing it to a high not previously seen in Realtor.com® data that stretches back to mid-2016. In practical terms, this means households looking to purchase the median-priced home in October now need an additional $6,600 in annual income ($120,000) compared to the same time last year.
"Because high mortgage rates, elevated home prices, and stubbornly low inventory make today's housing market particularly challenging, many of today's buyers are motivated by life changes, such as growing families, supporting elderly parents or grown children, or accommodating professional needs, from return to office mandates to relocation opportunities created by remote work," said Realtor.com®'s Executive News Editor Clare Trapasso. "On a positive note, our data shows that home shoppers with flexibility in their location choices can still find affordable options this fall."
Those trying to determine whether to make a move now or hold out for possible market improvement can tap into Realtor.com® RealCost tools, including the Affordability Calculator.
October 2023 Housing Metrics – National
Metric | Change over Oct 2022 | Change over Oct 2019 |
Median listing price | +0.0% (to $425,000) | +37.1 % |
Active listings | -2.0 % | -39.0 % |
New listings | -3.2 % | -18.3 % |
Median days on market | -1 day (to 50 days) | +15 days |
Share of active listings with price reductions | -2.6 percentage points (to 18.9%) | +1.5 percentage points |
Inventory drops annually, but surprises with late-season growth
The number of homes for sale dropped year over year in October for the fourth straight month. However, October saw an unseasonal bump in inventory compared with September. Despite this small increase, active inventory still remained well below typical 2017 to 2019 levels and is down year over year across the majority of the largest metros, although a few Southern metros saw significant gains. New listings are also down as home sellers were less active in October, although the gap compared to last year is narrowing. Pending listings, an early indicator of where home sales are headed, are also down year over year.
Listing prices stable but price cuts climbed unseasonally
Listing prices continue to be buoyed by scarce inventory, and while new home sales increased in September, construction activity isn't enough to fully bridge the low inventory gap. While home listing prices remained relatively stable year over year, higher mortgage rates have significantly increased the monthly costs of homeownership. Interestingly, the share of price reductions is still increasing well into the fall season, which is unusual for a typical year but follows the trend seen last year and in 2018 when the housing market slowed.
Homes move off the market faster year over year
The amount of time homes spend on the market is rising more slowly than usual during the fall season, as limited supply spurs homebuyers to act quickly and newly listed homes make up a greater share of low remaining inventory. Overall, homes in all regions spent less time on the market in October than during the same time last year.
October 2023 Housing Overview by Top 50 Largest Metros
Metro Area | Median | 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 | Price Reduced Share | Price Reduced |
Atlanta-Sandy Springs-Alpharetta, Ga. | $425,000 | 2.7 % | 3.0 % | -8.2 % | -5.7 % | 43 | -1 | 20.7 % | -5.4 pp |
Austin-Round Rock-Georgetown, Texas | $550,000 | 0.0 % | 0.6 % | 1.9 % | -11.5 % | 60 | 4 | 34.7 % | -13.9 pp |
Baltimore-Columbia-Towson, Md. | $367,000 | 8.1 % | 5.5 % | -11.4 % | 0.1 % | 37 | -5 | 18.5 % | 0.2 pp |
Birmingham-Hoover, Ala. | $295,000 | 5.3 % | 4.7 % | 14.4 % | 5.3 % | 51 | 5 | 17.7 % | -0.4 pp |
Boston-Cambridge-Newton, Mass.-N.H. | $837,000 | 11.8 % | 10.5 % | -14.0 % | -8.1 % | 32 | 1 | 19.2 % | -3.6 pp |
Buffalo-Cheektowaga, N.Y. | $255,000 | 6.3 % | 9.4 % | 2.4 % | 13.7 % | 39 | -13 | 9.5 % | -1.0 pp |
Charlotte-Concord-Gastonia, N.C.-S.C. | $421,000 | 2.4 % | 5.9 % | -11.4 % | 2.6 % | 40 | -5 | 19.4 % | -5.8 pp |
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | $370,000 | 8.9 % | 6.3 % | -22.2 % | -10.4 % | 37 | -4 | 15.2 % | -3.2 pp |
Cincinnati, Ohio-Ky.-Ind. | $356,000 | 9.7 % | 9.1 % | 6.5 % | -3.6 % | 33 | -1 | 17.5 % | 1.4 pp |
Cleveland-Elyria, Ohio | $238,000 | 13.3 % | 7.6 % | -15.7 % | -2.5 % | 40 | -6 | 17.6 % | -0.8 pp |
Columbus, Ohio | $367,000 | 7.9 % | 7.6 % | -3.0 % | -9.2 % | 31 | 1 | 24.9 % | 0.1 pp |
Dallas-Fort Worth-Arlington, Texas | $449,000 | -0.2 % | 0.5 % | 6.6 % | -1.4 % | 46 | 2 | 26.8 % | -2.9 pp |
Denver-Aurora-Lakewood, Colo. | $635,000 | 2.4 % | 5.7 % | -0.1 % | -10.8 % | 41 | 4 | 29.2 % | -7.0 pp |
Detroit-Warren-Dearborn, Mich. | $252,000 | 0.9 % | 3.2 % | -19.8 % | -11.4 % | 40 | 1 | 15.4 % | -9.9 pp |
Hartford-East Hartford-Middletown, Conn. | $400,000 | 6.6 % | 7.7 % | -17.3 % | -8.6 % | 37 | 5 | 8.5 % | -2.5 pp |
Houston-The Woodlands-Sugar Land, Texas | $369,000 | 0.1 % | 0.6 % | 4.5 % | -2.7 % | 46 | -2 | 20.8 % | -4.6 pp |
Indianapolis-Carmel-Anderson, Ind. | $320,000 | 6.7 % | 5.3 % | 9.0 % | -6.9 % | 41 | 0 | 28.7 % | 2.8 pp |
Jacksonville, Fla. | $425,000 | 6.3 % | 3.9 % | -2.9 % | -1.5 % | 51 | -2 | 24.6 % | -0.3 pp |
Kansas City, Mo.-Kan. | $412,000 | 6.0 % | 3.7 % | -2.6 % | -3.0 % | 50 | -2 | 19.4 % | 1.0 pp |
Las Vegas-Henderson-Paradise, Nev. | $475,000 | 5.6 % | 1.9 % | -53.4 % | -24.9 % | 44 | -11 | 19.1 % | -20.5 pp |
Los Angeles-Long Beach-Anaheim, Calif. | $1,159,000 | 23.3 % | 11.0 % | -23.1 % | -2.6 % | 44 | -4 | 12.8 % | -8.0 pp |
Louisville/Jefferson County, Ky.-Ind. | $305,000 | 1.9 % | 5.3 % | 1.0 % | 3.8 % | 32 | -5 | 22.0 % | -0.2 pp |
Memphis, Tenn.-Miss.-Ark. | $319,000 | -0.5 % | 2.2 % | 30.3 % | -3.5 % | 50 | 5 | 23.3 % | 3.0 pp |
Miami-Fort Lauderdale-Pompano Beach, Fla. | $599,000 | -0.1 % | 5.2 % | 10.8 % | 11.3 % | 56 | -4 | 16.7 % | 0.1 pp |
Milwaukee-Waukesha, Wis. | $340,000 | 3.1 % | 4.6 % | -2.8 % | -6.0 % | 32 | -4 | 21.6 % | 2.8 pp |
Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $431,000 | 6.4 % | 2.7 % | -3.9 % | -6.9 % | 38 | -1 | 19.2 % | -2.4 pp |
Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $573,000 | 9.2 % | 5.0 % | -1.1 % | -15.0 % | 37 | 6 | 25.2 % | -4.5 pp |
New Orleans-Metairie, La. | $335,000 | 1.7 % | 1.3 % | 26.0 % | -2.9 % | 67 | 9 | 21.8 % | -1.2 pp |
New York-Newark-Jersey City, N.Y.-N.J.-Pa. | $730,000 | 8.2 % | 13.0 % | -15.4 % | -10.2 % | 56 | -3 | 10.2 % | -1.9 pp |
Oklahoma City, Okla. | $335,000 | 4.6 % | 1.3 % | 11.1 % | -13.4 % | 46 | -2 | 23.6 % | 3.4 pp |
Orlando-Kissimmee-Sanford, Fla. | $450,000 | 1.1 % | 2.1 % | 6.0 % | 2.8 % | 50 | -7 | 22.5 % | 0.6 pp |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $350,000 | 4.5 % | 5.9 % | -13.9 % | -4.6 % | 44 | -5 | 16.4 % | -1.9 pp |
Phoenix-Mesa-Chandler, Ariz. | $530,000 | 9.2 % | 3.1 % | -39.3 % | -13.9 % | 37 | -14 | 28.7 % | -18.3 pp |
Pittsburgh, Pa. | $247,000 | 12.2 % | 5.8 % | -4.9 % | -3.5 % | 51 | -3 | 20.7 % | -1.0 pp |
Portland-Vancouver-Hillsboro, Ore.-Wash. | $620,000 | 6.9 % | 2.5 % | -1.9 % | -16.2 % | 48 | 4 | 21.8 % | -4.9 pp |
Providence-Warwick, R.I.-Mass. | $539,000 | 13.7 % | 3.4 % | -12.9 % | -2.2 % | 34 | -3 | 11.6 % | -1.7 pp |
Raleigh-Cary, N.C. | $458,000 | 0.6 % | 2.0 % | -20.8 % | -5.3 % | 44 | -4 | 18.7 % | -8.7 pp |
Richmond, Va. | $435,000 | 14.5 % | 6.1 % | 8.1 % | 0.7 % | 41 | 1 | 12.7 % | -1.7 pp |
Riverside-San Bernardino-Ontario, Calif. | $580,000 | 0.9 % | 5.1 % | -25.2 % | -8.4 % | 49 | -4 | 16.2 % | -10.1 pp |
Rochester, N.Y. | $250,000 | 11.1 % | 11.6 % | -7.3 % | 5.1 % | 19 | -6 | 11.8 % | -1.2 pp |
Sacramento-Roseville-Folsom, Calif. | $649,000 | 8.3 % | 3.0 % | -30.0 % | -13.3 % | 42 | -6 | 20.2 % | -10.7 pp |
San Antonio-New Braunfels, Texas | $347,000 | -2.2 % | 0.0 % | 20.6 % | -12.5 % | 56 | 4 | 28.3 % | 1.3 pp |
San Diego-Chula Vista-Carlsbad, Calif. | $999,000 | 12.1 % | 12.1 % | -31.1 % | -2.1 % | 34 | -5 | 14.7 % | -12.3 pp |
San Francisco-Oakland-Berkeley, Calif. | $1,098,000 | 0.7 % | 1.2 % | -16.2 % | -8.5 % | 35 | -3 | 15.4 % | -7.0 pp |
San Jose-Sunnyvale-Santa Clara, Calif. | $1,381,000 | -1.3 % | -0.4 % | -22.8 % | 1.7 % | 31 | -6 | 12.7 % | -7.7 pp |
Seattle-Tacoma-Bellevue, Wash. | $792,000 | 5.6 % | 6.9 % | -28.3 % | -13.0 % | 38 | -2 | 17.1 % | -10.4 pp |
St. Louis, Mo.-Ill. | $277,000 | 0.4 % | 2.5 % | 6.5 % | -1.7 % | 42 | 1 | 20.8 % | 4.2 pp |
Tampa-St. Petersburg-Clearwater, Fla. | $430,000 | 1.2 % | 4.7 % | 7.6 % | 4.3 % | 44 | -6 | 27.2 % | -0.8 pp |
Virginia Beach-Norfolk-Newport News, Va.-N.C. | $374,000 | 4.0 % | 6.9 % | -2.0 % | -16.3 % | 39 | 2 | 21.4 % | 1.0 pp |
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $600,000 | 4.5 % | 7.2 % | -22.2 % | -14.2 % | 35 | -3 | 15.6 % | -4.4 pp |
Methodology
Realtor.com® housing data as of October 2023. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography on Realtor.com®; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com®. 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).
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
Media Contact
press@move.com
View original content:https://www.prnewswire.com/news-releases/realtorcom-october-housing-report-home-prices-stable-amid-inventory-drought-and-rising-rates-301975362.html
SOURCE Realtor.com
Copyright 2023 PR Newswire
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