Realtor.com® October Housing Report: Number of Homes For Sale Surpasses 2020 Levels
In October 2022, active home listings in the U.S. surged 33.5% year-over-year, reaching the highest level since 2020, according to Realtor.com. Despite this increase, affordability remains a concern with mortgage payments soaring nearly $1,000 since last year. The median listing price stayed flat at $425,000, reflecting a 13.3% annual rise. New listings dropped 15.9%, indicating a cooling market. Declines were seen in pending listings, primarily driven by higher mortgage costs and reduced buying power. Buyers are increasingly exploring affordable markets, leading to heightened interest in well-priced homes.
- Active listings rose 33.5% year-over-year, indicating recovery.
- Median listing price remains high, suggesting ongoing demand.
- New listings fell by 15.9%, reflecting reduced seller activity.
- Pending listings declined by 30%, indicating weaker buyer demand.
- Home shoppers facing $1,000 higher monthly mortgage payments, diminishing buying power.
In October, the national inventory of active listings grew
SANTA CLARA, Calif., Nov. 3, 2022 /PRNewswire/ -- The U.S. supply of for-sale homes hit a milestone on the road to recovery from the shortage of the past two years in October, as active listings soared
"As the rapid runup in rates reshapes housing market dynamics this fall, both buyers and sellers are taking a step back to recalibrate their plans. Home shoppers are looking at a monthly mortgage payment that is roughly
October 2022 Housing Metrics – National
Metric | Change over Oct. 2021 | Change over Oct. 2020 | Change over Oct. 2019 |
Median listing price | 13.3% (to | 21.8 % | 37.1 % |
Active listings | 33.5 % | 2.8 % | -37.6 % |
New listings | -15.9 % | -23.1 % | -16.3 % |
Median days on market | 6 days (to 51 days) | 5 days | -18 days |
Share of active listings | 10.3 percentage points | 10.7 percentage points | 3.9 percentage points |
Inventory recovery accelerates amid higher rates and moderating demand
In October, the U.S. supply of active listings grew at a record-fast1 annual pace and surpassed 2020 levels for the first time, even as new sellers declined year-over-year for the fifth consecutive month. Additionally, pending listings, or homes under contract with a buyer, continued to drop. These trends indicate that October's accelerated inventory improvements were largely due to moderating buyer demand, fueled by mortgage costs that are rising at a faster pace than inflation and incomes. While some softening in seller participation is typical in the fall, this year's significant new listings declines reflect the impact of home shoppers' diminished buying power on seller sentiment. However, sellers may still see strong buyer competition for fewer options in some regions, with inventory still lagging October 2020 levels in the Northeast and Midwest, regions where home sales declines have also been more modest.
- Nationally, active inventory grew
33.5% year-over-year in October, reaching the highest level in 24 months. Meanwhile, both newly-listed homes (-15.9% ) and pending listings (-30.0% ) declined year-over-year. - Among the 50 largest U.S. metros, 42 markets posted yearly active inventory gains in October, led by Phoenix (+
173.9% ), Raleigh, N.C. (+167.4% ) and Nashville, Tenn. (+145.0% ). The number of for-sale homes was still down year-over-year in the remaining eight markets, by the largest amounts in Hartford, Conn. (-25.7% ), Virginia Beach, Va. (-11.0% ) Milwaukee (-9.6% ) and Chicago (-9.6% ). - On average across the 50 largest metros, no regions saw year-over-year new listing increases in October, with the greatest declines registered in the West (-
20.6% ), followed by the Northeast (-17.4% ), Midwest (-15.0% ) and South (-9.8% ). Furthermore, newly-listed homes increased in just four markets: Nashville, Tenn. (+10.5% ), New Orleans (+6.2% ), Dallas (+5.6% ) and San Antonio (+1.4% ). - Compared to October 2020, active inventory was higher in 32 of the 50 biggest markets, led by western (+
33.9% ) and southern metros (+7.2% ): Phoenix (+132.0% ), Austin, Texas (+120.8% ), Riverside, Calif. (+67.2% ), Memphis, Tenn. (+59.7% ) and Nashville (+55.7% ). Inventory remained lower than two years ago in the Northeast (-21.1% ) and Midwest (-7.9% ).
Competition stalls as home listing prices and time on market hold steady
With home sales activity declining along with affordability in October, national trends reflected a market in which competition continued at a cooler pace than during this year's summer peak. However, compared to last month, there was little change in both listing prices and time on market. This may be partly attributed to regional variations in supply and demand dynamics, with still-strong home shopper interest in relatively affordable markets balancing out the slowdown in other areas. In the Midwest and Northeast, where buyers saw relatively smaller inventory improvements in October, time on market and the share of homes with price reductions posted smaller year-over-year increases than in other regions.
- In October, national listing price trends were relatively unchanged from the prior month, with the median listing price dipping just
$2,000 to$425,000 . Additionally, annual home listing price growth decelerated just slightly, to13.3% from13.9% in September. - On average across the 50 largest U.S. metros, yearly listing price growth entered single-digit territory in October (+
9.2% ). However, for-sale home prices continued to rise by double-digits year-over-year in 20 markets, led by Milwaukee (+34.5% ), Miami (+25.1% ) and Kansas City (+21.4% ). - The share of homes with price reductions was up 10.3 percentage points to
20.9% in October, well above 2017 (18.1% ) and 2019 (17.0% ) levels, but just under the 2018 share (21.2% ). Western (+18.9 percentage points) and southern metros (+13.6 percentage points) posted the greatest increases in the share of price reductions: Phoenix (+35.9 percentage points), Austin (+31.2 percentage points) and Las Vegas (+24.4 percentage points). - The typical home spent 51 days on the market in October, six days more than last year, but still 20 days faster than the typical 2017-2019 pace. The metros where homes spent longest on the market compared to October 2021 were Raleigh (+27 days), Austin (+26 days), Phoenix (+21 days) and Las Vegas (+21 days).
- Time on market declined year-over-year in October in 10 of the 50 largest metros, led by New Orleans (-21 days), where last year's pace was impacted by Hurricane Ida, followed by Richmond, Va. (-15 days) and Birmingham, Ala. (-6 days).
Spotlight On: Higher housing costs fuel demand from out-of-town home shoppers
Similar to October's for-sale housing trends, the Realtor.com® Q3 Cross-Market Demand Report also released today highlights regional variations in homebuying activity. With rising rates pushing the typical monthly mortgage payment up
Nationwide in Q3 2022,
Q3 & October 2022 Housing Metrics – Regional*
Region | Q3 2022 Share of | Oct. 2022 | Oct. 2022 | Oct. 2022 | Oct. 2022 | Oct. 2022 Price |
Midwest | 9.7 pp (to | 12.4 % | -15.0 % | 2 days | 6.8 pp | |
Northeast | 17.1 pp (to | -1.2 % | -17.4 % | 3 days | 4.1 pp | |
South | 3.8 pp (to | 69.9 % | -9.8 % | 6 days | 13.6 pp | |
West | 4.4 pp (to | 72.1 % | -20.6 % | 11 days | 18.9 pp |
*Note: Regional Q3 2022 Cross-Market Demand metrics include all metros across the U.S. 50 States and District of Columbia. Regional October 2022 housing metrics reflect the combined average of the 50 largest U.S. metro areas.
October 2022 Housing Metrics – 50 Largest U.S. Metro Areas
Metro Area | Median | Median | Median | Active | New | Median | Median | Price | Price |
4.8 % | 5.2 % | 60.0 % | -11.9 % | 45 | -1 | 24.8 % | 16.9 pp | ||
0.0 % | 1.3 % | 135.9 % | -4.8 % | 57 | 26 | 47.3 % | 31.2 pp | ||
5.3 % | 5.6 % | -0.3 % | -24.5 % | 43 | 3 | 18.1 % | 4.9 pp | ||
-1.8 % | 6.5 % | 45.4 % | -9.5 % | 47 | -6 | 17.9 % | 10.6 pp | ||
10.4 % | 3.2 % | 5.0 % | -15.2 % | 32 | 2 | 22.4 % | 8 pp | ||
6.6 % | 7.2 % | 9.8 % | -13.7 % | 53 | 3 | 10.3 % | 3.7 pp | ||
5.0 % | 9.6 % | 72.4 % | -19.0 % | 45 | 13 | 23.9 % | 12.7 pp | ||
3.3 % | 0.4 % | -9.6 % | -16.8 % | 40 | -2 | 17.0 % | 3.8 pp | ||
7.7 % | 4.5 % | 1.2 % | -10.4 % | 36 | -2 | 15.4 % | 4.1 pp | ||
10.5 % | 7.8 % | 8.4 % | -18.4 % | 47 | 3 | 18.3 % | 6 pp | ||
16.9 % | 9.6 % | 21.7 % | -13.8 % | 32 | 3 | 24.5 % | 10.7 pp | ||
12.8 % | 9.9 % | 110.5 % | 5.6 % | 45 | 8 | 29.0 % | 19.7 pp | ||
1.6 % | 0.7 % | 83.4 % | -17.8 % | 37 | 13 | 35.5 % | 23.7 pp | ||
2.9 % | 3.3 % | 25.0 % | -10.4 % | 41 | 8 | 24.4 % | 7.7 pp | ||
13.7 % | 3.7 % | -25.7 % | -24.5 % | 36 | -2 | 10.8 % | 1.1 pp | ||
2.5 % | 5.0 % | 33.0 % | -2.5 % | 49 | -4 | 23.2 % | 10.9 pp | ||
9.1 % | 10.6 % | 51.5 % | -12.9 % | 42 | 4 | 24.7 % | 12.8 pp | ||
12.7 % | 13.8 % | 89.4 % | -14.9 % | 54 | 15 | 24.0 % | 14.5 pp | ||
21.4 % | 13.0 % | 40.2 % | -16.2 % | 55 | 7 | 18.2 % | 8.7 pp | ||
2.3 % | 7.9 % | 89.0 % | -4.3 % | 54 | 21 | 37.9 % | 24.4 pp | ||
1.6 % | 4.5 % | 44.7 % | -22.6 % | 49 | 10 | 20.2 % | 12.9 pp | ||
15.6 % | 6.6 % | 15.6 % | -19.2 % | 37 | 7 | 21.6 % | 8.7 pp | ||
20.7 % | 20.6 % | 92.9 % | -7.2 % | 46 | 12 | 20.0 % | 12.6 pp | ||
25.1 % | 13.2 % | 22.4 % | -11.8 % | 61 | 0 | 16.2 % | 9.4 pp | ||
34.5 % | 17.2 % | -9.6 % | -21.1 % | 37 | -5 | 18.5 % | 1.6 pp | ||
15.7 % | 6.9 % | -2.4 % | -17.7 % | 39 | 2 | 20.7 % | 8.6 pp | ||
15.4 % | 10.3 % | 145.0 % | 10.5 % | 31 | 11 | 28.2 % | 18.2 pp | ||
-3.1 % | -2.6 % | 75.8 % | 6.2 % | 60 | -21 | 22.6 % | 12.9 pp | ||
8.8 % | 10.4 % | -7.9 % | -18.6 % | 64 | 3 | 11.8 % | 2.9 pp | ||
16.5 % | 11.2 % | 53.4 % | -26.4 % | 48 | 5 | 19.3 % | 10.4 pp | ||
14.1 % | 16.4 % | 79.6 % | -13.7 % | 57 | 16 | 21.5 % | 12.4 pp | ||
4.7 % | 6.1 % | 4.3 % | -17.4 % | 51 | 2 | 18.0 % | 5 pp | ||
0.8 % | 5.9 % | 173.9 % | -15.6 % | 51 | 21 | 46.3 % | 35.9 pp | ||
-2.3 % | -2.1 % | 8.1 % | -9.0 % | 54 | 4 | 21.3 % | 5.5 pp | ||
5.4 % | 5.1 % | 49.5 % | -23.4 % | 45 | 2 | 25.5 % | 9.1 pp | ||
6.8 % | 7.6 % | -4.0 % | -25.1 % | 37 | 8 | 12.8 % | 3.7 pp | ||
6.5 % | 8.0 % | 167.4 % | -8.6 % | 48 | 27 | 27.1 % | 19.9 pp | ||
8.5 % | 9.4 % | 12.5 % | -22.1 % | 43 | -15 | 14.0 % | 6.8 pp | ||
4.7 % | 10.3 % | 79.6 % | -18.2 % | 54 | 17 | 25.5 % | 17 pp | ||
7.2 % | 10.3 % | 1.4 % | -14.1 % | 25 | 2 | 12.7 % | 1.5 pp | ||
0.8 % | 2.0 % | 49.5 % | -29.7 % | 47 | 14 | 30.3 % | 19 pp | ||
6.6 % | 7.3 % | 80.1 % | 1.4 % | 54 | 10 | 24.9 % | 13.8 pp | ||
7.9 % | 9.2 % | 61.4 % | -16.4 % | 40 | 5 | 25.8 % | 18 pp | ||
9.4 % | 1.9 % | 31.7 % | -29.4 % | 38 | 8 | 22.0 % | 14.8 pp | ||
9.7 % | 4.7 % | 28.8 % | -36.1 % | 37 | 0 | 20.0 % | 14.3 pp | ||
11.1 % | 6.7 % | 101.5 % | -13.7 % | 39 | 6 | 26.4 % | 18.6 pp | ||
14.8 % | 7.7 % | 6.1 % | -9.7 % | 44 | -1 | 16.5 % | 5.8 pp | ||
13.3 % | 10.2 % | 118.2 % | -4.4 % | 51 | 15 | 26.8 % | 17.2 pp | ||
19.8 % | 9.1 % | -11.0 % | -19.4 % | 38 | 5 | 19.7 % | 7.7 pp | ||
13.7 % | -0.2 % | 3.4 % | -18.8 % | 37 | 2 | 19.3 % | 6.3 pp |
Methodology
Realtor.com® housing data as of October 2022. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography; new construction is excluded unless listed via an MLS. Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB).
Q3 2022 Cross-Market Demand Report: Analyzes views of for-sale listings on Realtor.com®. Share of outbound views (i.e. out-of-metro views, out-of-market views) are quoted as percentage of views originating from home metros or states to other metros or states. Note: The Q3 analysis focuses on domestic views from metro areas only, and thus the percent of out-of-metro views will not match previously-published reports/releases in which international and non-metro views were included.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com® .
Media Contact
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1 Based on Realtor.com® monthly data history since July 2017.
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SOURCE Realtor.com
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