While interest rates have disrupted the market, most of the recent decline in activity has been seasonal. As the market moves toward the year end, expect sales activity decline to levels close to pre-pandemic years.
Prices have been fading since June, just like they did in 2021, 2020, and 2019. Prices slip in the second half of the year as most of the best listings sell off and the quality of remaining inventory becomes depleted. Both average sale price and price per square foot for October are up 9% compared to the same month last year.
Days on market are rising at a pace that is in line with the season. The best properties continue to sell fastest while average and below-average properties sit and require price reductions. Market times have averaged 32 days for properties that accepted sales contracts in October. However, the average market time for listings that have not yet sold is rising—currently at 72 days.
