The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze home buyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month.
New Listings in Washtenaw County decreased 4.8 percent for Single Family homes but increased 24.7 percent for Townhouse/Condo homes. Pending Sales increased 15.8 percent for Single Family homes but decreased 8.8 percent for Townhouse/Condo homes.
Inventory decreased 23.3 percent for Single Family homes and 20.1 percent for Townhouse/Condo homes. Median Sales Price in Washtenaw County increased 6.0 percent to $380,000 for Single Family homes and 10.2 percent to $260,000 for Townhouse/Condo homes.
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Average Days on Market increased 9.5 percent for Single Family homes but decreased 25.0 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 10.0 percent for Single Family homes and 9.5 percent for Townhouse/Condo homes.
Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of home ownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continues to shift, experts project homes will begin to spend more days on the market and price growth will slow in the months ahead.
Courtesy of the Ann Arbor Area Board of REALTORS.
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