10/25/2022
Last week was actually a pretty good one on Wall Street. The Dow was up over 1000 points, based on strong earnings from some key companies early in the week. But the biggest part of that jump was due to the Fed indicating that they will slow their increases of the Federal Funds rate. 30-year fixed rates hit a 20 year high of 6.94%. Last year at this time, we were at 3.09%.
NAR came out with their September results last week, and it showed that 1.25 million homes were on the market as of the end of September, so there are about 450,000 less homes on the market than there are realtors in the U.S. That number is down slightly from August and roughly flat year over year. The median sales price was $384,800, which is up 8.4% from September 2021, but the median home price peaked in June at $413,800, so it’s been coming down every month since then. Days on market nationally is 19, which is up 2 year over year. Also 15% of home purchases were made by investors, up slightly from this time last year.
In the Mid-Atlantic, numbers continue to trend down when compared to last year, but last year isn’t a great comparison, just because of how hot the market was. Inventory is up, not because of more homes coming on the market, but due to a lack of demand.
