Weekly Market Stats 10/28/2022
The median existing-home price for all housing types in September was $384,800, an 8.4% jump from September 2021 ($355,100), as prices climbed in all regions. This marks 127 consecutive months of year-over-year increases, the longest-running streak on record. It was the third month in a row, however, that the median sales price faded after reaching a record high of $413,800 in June, the usual seasonal trend of prices trailing off after peaking in the early summer.
Properties typically remained on the market for 19 days in September, up from 16 days in August and 17 days in September 2021. Seventy percent of homes sold in September 2022 were on the market for less than a month.
First-time buyers were responsible for 29% of sales in September, unchanged from August 2022 and slightly higher than 28% from September 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 20214 – found that the annual share of first-time buyers was 34%.
All-cash sales accounted for 22% of transactions in September, down from 24% in August and 23% in September 2021.
Individual investors or second-home buyers, who make up many cash sales, purchased 15% of homes in September, down from 16% in August, but up from 13% in September 2021.
Distressed sales – foreclosures and short sales – represented 2% of sales in September, a marginal increase from 1% in August 2022 and September 2021.