Average price increased for the third month in a row, albeit barely, moving a mere 0.2% from $1,086,762 in September to $1,089,428 this past month. That means we’ve seen the average home price fall within $1,074,754 and $1,089,428 for the last four months, or what I’d call a “trend.” That’s also a band of 1.37% from July through October, and it tells me we’ve hit a point of market stability. Year-over-year, that $1,089,428 average home price represents a 5.7% decline from the $1,115,624 we saw last year. So while we continue to see month-over-month increases, the year-over-year figures are declining because of just how hot the fall of 2021 was comparatively.
Sales declined by another amount that I’d be tempted to refer to as a “rounding error,” a mere 1.5% from 5,038 sales in September to 4,961 this past month. This is pretty well in line with our expectations, as we believed that whatever we saw in September would likely be repeated in October. Year-over-year, the figure was far more dramatic, as those 4,961 sales represent a 49.1% drop from the 9,743 properties sold in October of 2022. For reference, the year-over-year drop in September was 44.1%, so we’re now seeing decreasing sales at an increasing rate.
New listings dropped from 11,237 in September to 10,390 in October, or 7.5%. This reaffirms every agent’s daily mantra: “There’s just nothing for sale out there!” I mean, there are properties for sale: 10,390 new ones last month, but we all feel like there’s not enough or there’s not the right property. For reference, that’s the fewest number of new listings in October since 2002, so what we’re feeling out there in the market is real. Year-over-year, we experienced a decline of 11.6% from the 11,749 new listings in October of 2021.
Active listings remained flat once again, as has been the case through the last few months, dropping 3.8% from 13,534 in September to 13,023 in October. But it’s the year-over-year figure that’s the most jaw-dropping this month, with an increase from 7,748 active listings in October of 2021 to 13,023 this past October, resulting in a whopping 68.1% increase. As we continue to see sales 30%, 40%, or even 50% lower than in the same periods in 2021, if new listings are only declining by 10% or 20%, then active listings will rise accordingly.
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