The RE/MAX National Housing Report shows that September home sales across 53 major metro areas have declined 9.7% from August. As a result, inventory grew to a two-month supply for the first time since November 2020. This could be good news for people who’ve been sidelined in the homebuying process by low inventory, high prices and steep competition.
“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 RE/MAX President and CEO Nick Bailey. “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. We’re halfway to that level, and the market is making steady progress toward balance.”
The report also showed an increase in average days on the market. The average home spent 34 days on the market in September, six days higher than September 2021 averages. Additionally, the median sales price for September dropped to $400,000, a 6.1% decrease from the June peak of $426,000.