Updated: Jul 11
Home prices nationwide were up 4.9% year-over-year in October. At the same time, the number of homes sold fell 29.6% and the number of homes for sale rose 4.6%.
In October 2022, homes were sitting on the market for a median of 32 days, which means our inventory is slowly, but surely, growing. Great for investors! Home prices were up 4.9% compared to last year and the number of homes sold was down 29.6% year over year.
What does this mean?
The direction and pace at which home prices are changing are indicators of the strength of the housing market and whether homes are becoming more or less affordable. The median price of a home in the United States is currently $397,549.
Top 10 Metros in the U.S. with the Fastest Growing Sales Price
Boca Raton, FL27.7%
Lehigh Acres, FL23.4%
Palm Bay, FL22.3%
Myrtle Beach, SC20.9%
Fort Myers, FL20.3%
U.S. Housing Supply
Are there enough homes for sale to meet buyer demand?
In October 2022, there were 1,684,118 homes for sale in the United States, up 4.6% year over year. The number of newly listed homes was 477,145 and down 24.3% year over year. The median days on the market was 35 days, up 14 year over year. The average months of supply is 3 months, up 1 year over year.
What does this mean?
The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 1,684,118 residential homes for sale in the United States.
U.S. Migration Trends
What U.S. states are people searching to move to and from?
Nationwide, 24% of homebuyers searched to move to a different metro area between Aug '22 - Oct '22. The top 5 states homebuyers searched to move to were Florida, Texas, Tennessee, Nevada, and North Carolina while California, New York, District Of Columbia, Massachusetts, and Illinois were the top 5 states homebuyers searched to move from.
Of all the major U.S. metros, Sacramento was the most searched for destination among homebuyers looking to relocate between Aug '22 - Oct '22. Next came Las Vegas, Miami, San Diego, and Tampa. San Francisco was the most searched for destination among homebuyers looking to leave, followed by Los Angeles, New York, Washington and Boston.