Prices Moderate as New Listings and Home Sales Dip, For-Sale Homes Sit Longer
November begins a stretch of four months with typically the lowest home sales of the year – including December, January and February – and this November followed suit. Seasonality was just one factor contributing to November's 12% drop in home sales from October in the report's 53 metro areas as fluctuating interest rates and ongoing economic uncertainty weigh on the market.
New listings tumbled 21.4% from October – reaching their lowest point of the year – as home sellers saw the Median Sales Price drop to $394,000. That was 1.3% less than October though still 3.7% higher than November 2021. The average Close-to-List Price Ratio in November was 98%, meaning that homes sold, on average, for 2% less than the asking price. The ratio was 101% a year ago and flat compared to October 2022.
Other notable metrics include:
• Homes sold in November were on the market for an average of 39 days. That was four more days than in October and a full week more than in November 2021.
• November's 2.5 months supply of inventory was up from 2.3 in October and more than double the 1.2 of one year ago.
• Though the fourth-highest year-to-date total, November's 2.5 months supply of inventory was down 5.9% from October following month-to-month inventory increases of 3.9% in September and 2.9% in October.
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