Northwest Vermont REALTOR® Association Releases October 2022 Market Statistics

October 2022
FOR IMMEDIATE RELEASE
Contact: Mike Berk, CEO

Northwest Vermont REALTOR® Association Releases October 2022 Market Statistics

Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

Changes for October over last year at this time include:

• New Listings decreased 9.2 percent for single-family homes and 2.1 percent for townhouse-condo properties.
• Pending Sales decreased 21.0 percent for singlefamily homes but increased 1.9 percent for townhouse-condo properties.
• Inventory decreased 9.0 percent for single-family homes and 29.2 percent for townhouse-condo properties.
• The Median Sales Price was up 9.8 percent to $435,000 for single-family homes and 16.3 percent to $330,000 for townhouse-condo properties.
• Days on Market decreased 6.7 percent for single-family homes and 45.8 percent for townhouse condo properties.
• Months Supply of Inventory increased 6.7 percent for singlefamily homes but increased 25.0 percent for townhouse-condo properties.
   

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

Click the links for a complete Summary Report and the Town by Town Statistics. 

*The Northwest Vermont REALTOR® Association (NVRA) is the “Voice for Real Estate” in northwestern Vermont representing over 650 members involved in all aspects of the residential and commercial real estate industries. The monthly market statistics report is sponsored by NorthCountry Federal Credit Union.