October/ November 2022

Existing-Home Sales Fell for the Ninth Straight Month and Decline 5.9% in October 2022NAR released a summary of existing-home sales data showing that housing market activity this October faded 5.9% from September 2022. October’s existing home sales reached a 4.43 million seasonally adjusted annual rate. October’s sales of existing homes declined 28.4% from October 2021.The national median existing-home price for all housing types reached $379,100 in October, up 6.6% from a year ago. Home prices have continued to climb, marking the 128th consecutive month of year-over-year gains.Regionally, in October, all four regions showed steady price growth from a year ago. The Northeast and the South shared the largest gain of 8.0%, followed by the Midwest, with an increase of 5.9%. The West had the smallest price gain of 5.3% from October 2021.

October’s inventory of unsold listings as of the end of the month fell 0.8% from last month, standing at 1,220,000 homes for sale. Compared with October 2021, inventory levels were down 0.8%. It will take 3.3 months to move the current inventory level at the current sales pace, well below the desired pace of 6 months.

Demand remains strong as home buyers are snatching listings quickly off the MLS, and it takes approximately 21 days for a home to go from listing to a contract in the current housing market. A year ago, it took 18 days.

Apr 5, 2022

Meldina Dream Team

Posted by: Meldina Dervisevic

 

How a Home's Age Influences Owners' Renovation Plans

A new study identifies the improvement projects homeowners prioritize based on how old their home is.

November 21, 2022

A home’s age may influence the type of renovation projects the owner prioritizes, according to the 2022 Houzz & Home Renovations By Age(link is external) study. Houzz researchers analyzed the renovation activity of more than 70,000 respondents to understand the types of projects that typically arise when a home reaches a certain age.

“One of the driving factors for home renovation and design in the U.S. is our limited and aging housing stock,” says Marine Sargsyan, a staff economist at Houzz. “With interest rates and mortgage rates on the rise, many homeowners are choosing to stay in their homes and pursue renovations that tailor their space to their current needs. Others may move to fixer-uppers, which typically have a lower cost threshold for entering homeownership. Our research reveals common themes among renovating homeowners to provide guidance on the types of projects that may be anticipated based on the age of each home.”   

Homeowners with houses built between 1961 and 2000 tend to invest the most in renovations—a median of $20,000, the survey shows. The following is a breakdown of the common projects by the home’s age.

 

 

https://www.nar.realtor/blogs/economists-outlook/existing-home-sales-fell-for-the-ninth-straight-month-and-decline-5-9-in-october-2022

 

Economists' Outlook