Home sales in September were down by 9.7% from August across the nation”™s 53 major metro areas, according to new data from RE/MAX, while September’s median sales price of $400,000 was 6.1% lower than the year-high of $426,100 set in June.
The September median sales price dipped by 1.2% from August but was 6.7% above the level set in September 2021. The average close-to-list price ratio in September was 99%, which means homes sold for 1% less than the asking price for the second consecutive month after being at 100% or above through the first seven months of 2022.
Inventory in September saw a 3.9% uptick from August and was up 30.4% year-over-year, but new Listings were down 7.6% month-over-month and down 11.4% year-over-year.
“After a sustained period of quick sales that kept the housing cupboard relatively bare, a supply of two months presents a lot more options for homebuyers,” said Nick Bailey, RE/MAX president and CEO. “For a long time, six months of inventory was the standard for a balanced market that favored buyers and sellers evenly. Now, with the evolution of technology and various changes in homebuying patterns, the new standard is becoming four months.”
