Press release
Realtor.com® August Housing Report: Days on Market Grows for the First Time in Over Two Years
In August, the typical U.S. home spent five more days on the market than last year, but still moved 22 days faster than the typical 2017-2019 pace SANTA
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[{"type":"text","content":"In August, the typical U.S. home spent five more days on the market than last year, but still moved 22 days faster than the typical 2017-2019 pace \nSANTA CLARA, Calif., Sept. 1, 2022 /PRNewswire/ -- The U.S. housing market offered buyers more breathing room to make decisions in August, with the first1 year-over-year increase in time on market (+5 days) since June 2020, according to the Realtor.com® Monthly Housing Trends Report released today. Additionally, August home shoppers had more active listings to choose from than last year (+26.6%), even as new sellers continued to pull back.\n\"For many of today's buyers, the uptick in for-sale home options is taking away the sense of urgency that they felt during the past two years, when inventory was scarce. As a result of this shift coupled with higher mortgage rates, competition continued to cool in August, with listing price trends indicating that home sellers are noticing shoppers tightening their purse strings,\" said Danielle Hale, Chief Economist for Realtor.com®. \"As we soak up the last days of summer, the housing market is beginning to find more balance between buyer-friendliness and still favorable selling conditions. Location also matters; our 2022 Hottest ZIP Codes show that competition for homes remains fierce in many markets in the Northeast, which was also the only region where inventory declined from 2021 levels in August. Regardless of where you live, it's important to rate-proof your budget by contingency planning for various monthly housing cost scenarios, as mortgage rates will likely continue to fluctuate through end-of-year.\"\nAugust 2022 Housing Metrics – National\nMetric\nChange over August 2021\nChange over August 2019 \nMedian listing price\n14.3 %($435,000)\n36.9 %\nActive listings\n26.6 %\n-41.5 %\nNew listings\n-13.4 %\n-10.3 %\nMedian days on market\n5 days (to 42 days)\n-22 days \nBuyers get their first break from the rush for homes as time on market risesIn August, national time on market increased year-over-year for the first time in 26 months, and also grew in the vast majority of large metros. These trends reflect a housing market that is getting a refresh from the past two-plus years of frenzied buyer demand that outmatched supply, with inventory rising and more typical seasonality expected to return in the fall. It's a long road to balance, wit...