Average price declined for the first time in three months, albeit slightly, from $1,089,428 in October to $1,079,395 this past month, a mere 0.9%. This marks five months in a row where the average home price has fallen within a range of $1,074,754 and $1,089,428, which shows you that the market has hit a point of serious stability. Year-over-year, we saw a 7.2% from $1,162,564 in November of 2021 to $1,079,395 in 2022. This is up from the October-to-October decline of 5.7%. I would expect to see a dramatic drop in the December average home price which is simply based on the cyclicality of the market, as it happens every year.
Sales dropped by 8.4% this past month from 4,961 in October to 4,544 in November. This is the lowest number of sales in the month of November since the 3,640 recorded back in November of 2008. While sales dropped 8.4%, the absorption rate actually increased from 48% to 51%, as fewer properties were listed. Year-over-year, the drop in sales was far more pronounced, declining from 8,979 in November of 2021, representing a 49.4% drop. That’s on par with the year-over-year decline in October, which checked in at a corresponding 49.1%.
New listings continued to trend downward, after a 7.5% decline from September-to-October, we saw a further 14.5% drop from October-to-November, moving from 10,390 to a mere 8,880 this past month. As noted above, sales and new listings both declined, but with listings declining further, it resulted in the absorption rate actually increasing. Year-over-year, the decline was somewhat modest, only retreating 11.6% from the 10,044 new listings recorded in November of 2021 to 8,880 in November of 2022. Somewhat coincidentally, October’s figure was an identical 11.6%.
Active listings have remained somewhat flat in recent months but did trend downward in November, from 13,023 in October to 11,910 this past month, representing an 8.5% decline. The big number this month is with respect to the year-over-year increase in active listings, which went from 6,086 in November of 2021 to 11,910 in 2022, good for a whopping 95.7% increase. Not a lot of light needs to be shed on this figure, however. It’s eye-popping but it’s not as telling as the price, sales, and new listings data above.
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