View Weekly Housing Trends – Data Week Ending July 23, 2022

Our research team releases regularly Monthly Housing Trends Reports. These reports detail inventory metrics such as the number of active listings and market pace. In addition, we continue to provide readers with more timely weekly updates, an effort initiated in response to rapid changes in the economy and housing as a result of the COVID-19 pandemic. Overall, you can look forward to viewing weekly housing trends and Thursday’s latest weekly housing data with a stretch Weekly video update From our economists on Friday. This is what the housing market looked like last week.

What does this week’s data mean:

For the first time in two years, weekly data shows that homes are not selling faster than they did a year earlier. It hasn’t taken much longer to sell yet, but if recent trends continue, an increase in the time a home sits for sale looms large. A low time in the market indicates that there is a high demand from buyers in comparison to what is for sale and is one of the many factors that boost a seller’s confidence that they will be able to sell their home at a good price in a reasonable period of time.

Although home prices have not fallen, homeowners seem to be aware of the changing market dynamics, and it may actually affect their willingness to sell. For the third week in a row, fewer homeowners have decided to put their homes up for sale. This reduced gains in active inventory for sale, but fortunately for shoppers, the number of options available continues to rise.

With inflation continuing to exceed expectations, data shows that the Fed’s policy adjustment, which continued at July meeting at which another 75 basis point increase was announced, is the cooling of housing demand. pace the new And the Existing Home Sales Both moved lower in June and looking forward Pending home sales The data suggest more cooling is on the horizon.

Main results:

  • The average listing price has grown by 16.6% compared to last year. The typical asking price for homes for sale rose from last year in double digits for the 32nd week. Although demand prices continue to rise, with the average reaching a new high 450 thousand dollars in June, the data indicates that more sellers are finding buyers unwilling or unable to match their initial price in this market. As we noted on our site Housing Trends Report for JuneThe share of lowered menus was nearly double last year’s level even as it remained well below pre-pandemic levels.
  • New listings – the measure of sellers offering homes for sale – are down 6% from a year ago. This week marks a third overall decrease in the number of new listings for sale, indicating that some homeowners may already be reacting to the rebalancing market. After several years of undoubtedly recalling the picks, sellers are facing a new situation in the market. but, Record high levels of real estate equity It means the sellers are still in a good position.
  • Active inventory continued to grow, up 30% from last year. With fewer owners choosing to sell now, gains in the number of choices for shoppers have waned. However, the improvement for buyers essentially means they have four options today for every three they had one year ago. Despite the improvement, we have Housing Trends Report for June It showed that the number of active listings remained less than half its level in June 2019 and shy of two-thirds of the June 2020 mark. In other words, today’s shoppers have more choice, but the market needs more before choice is on par with the pre-pandemic housing market. Or even early in the pandemic.
  • Homes spent the same amount of time on the market as this time last year. This week’s data shows that with the increase in selling inventory, the market gap has closed compared to last year. As recently as February 2022,’s housing trends report showed that homes were sold out Faster than 2 weeks than in the previous year. The Housing Trends Report for June It showed that although homes spent 4 fewer days on the market than last year, they sat a little longer than they did in May due to seasonal and cyclical cooling. While time in the market has not yet increased significantly, its current trend is one that should eventually help alleviate buyers’ sense of needing to rush into an offer.

Data Summary:

All changes on an annual basis From the beginning of the year to date 2022 Week ending July 9, 2022 Week ending July 16, 2022 Week ending July 23, 2022
Average Listing Prices + 14.7% + 15.9% + 16.6% + 16.6%
new listings -0% -6% -3% -6%
Active ads -4% +28% + 29% + 30%
time in the market 7 days faster one day faster one day faster 0 day faster

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Daniel HillDaniel Hill

Daniel Hill

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