September Monthly Market Comparison-HAR Report
Homebuying activity slowed for a sixth straight month in September, with mortgage interest rates exceeding six percent for the first time in years, as well as a continued lack of housing inventory below $400,000. Year-over-year single-family home sales fell 17.0 percent. On a year-to-date basis, sales are trailing last year’s record pace by 5.1 percent.Market indicators provided mixed readings in September. In addition to the drop in single-family home sales, total property sales and total dollar volume declined and pending sales fell 15.5 percent. Active listings (the total number of available properties) jumped 36.3 percent.
Months of inventory grew again in September, reaching a 2.7-months supply. That is the highest level since July of 2020 when it was 2.9 months. Housing inventory nationally stands at a 3.2-months supply, according to the latest report from the National Association of Realtors (NAR). A 6.0-months supply is generally considered make up a “balanced market,” in which neither the buyer nor the seller has an advantage.