Regional Home Sales October Of 2022

On November 18, 2022, National Association of Realtors® (NAR) reported nationwide regional existing home sales in the Northeast declined 6.6% in October of 2022 to an annual rate 570,000 homes from September of 2022, and fell 23.0% from October of 2021. The median price in the Northeast was $408,700 in October 2022, rose 8.0% from October of 2021.

Home sales in the Midwest decreased 5.3% in October of 2022 to an annual rate 1,080,000 million homes from September of 2022, and dropped 25.5% from October of 2021. The median price in the Midwest was $274,500 in October of 2022, increased 5.9% from October of 2021.

Home sales in the South down 4.8% in October of 2022 to an annual rate 1,980,000 million homes from September of 2022, and lower 27.2% from October of 2021. The median price in the South was $346,300 in October of 2022, jumped 8.0% from October of 2021.

Home sales in the West retreat 9.1% in October of 2022 to an annual rate 1,310,000 homes from September of 2022, and fell 37.5% from October of 2021. The median price in the West was $588,400 in October of 2022, gained 5.3% from October of 2021.

Lawrence Yun, NAR chief economist, stated "Mortgage rates have come down since peaking in mid-November, so home sales may be close to reaching the bottom in the current housing cycle,"

For more complete information, on NAR's October 2022 regional existing home sales report, please click HERE

John Pusa

Real estate agent, Glendale, CA

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