Homes linger on market longer as buyers take their time

Economic uncertainties, rising interest rates and low inventory continue to affect the market.

Regionally, the pending-sales index fell 7.9% month over month in the Northeast, 6.6% in the Midwest, 2.3% in the South and 0.9% in the West. 

At the same time, the median sales price of a new house slid to $471,200 from $484,700 in October and $430,300 a year earlier, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

The month-over-month decline in sales came as prices rose for the 129th consecutive month, the National Association of REALTORS® said. 

Median home prices rose last month as new listings and closed sales fell, according to the Massachusetts Association of REALTORS® November housing report.

New-home permits fell 11.2% month over month, while housing completions jumped 10.8% in what one observer said could have “worrisome” long-term consequences for the nation’s housing supply. 

Current real estate market conditions have not discouraged buyers from their plans of homeownership, according to a new survey from RE/MAX.

The 30-year fixed-rate inched to 6.42%, which is still close to the lowest rate in a month, the group said. 

Homes are lingering on the market longer, up 15% from last year during the four weeks ended Dec. 4, marking the largest uptick in home supply since 2015.

A report from Realtor.com shows that many areas that experienced substantial growth during the pandemic are now posting some of the country’s steepest price reductions.

A report from Redfin shows that 29% of single-family homes for sale in the U.S. were new constructions in the third quarter of 2022.

Homebuyer demand is rising as mortgage rates continue to decline, according to a new Redfin report.

Data from the PEW Trust shows that investment companies make up approximately a quarter of the entire single-family home market across the U.S.

October’s 4.6% monthly drop follows a 10.2% decline in September, the National Association of REALTORS® reported. 

Housing prices were down in all 20 cities tracked by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.