Home sales continue to wane in October. A total of 177 houses were sold – a 24% decline compared to the same month last year.
Home sales were 16.3% below the five-year average and 2.9% below the 10-year average for the month of October.
On a year-to-date basis, home sales also dipped. A total of 2,255 units were over the first 10 months of the year. This was a decrease of 20.2% from the same period in 2021.
But despite the decrease in sales, prices have gone up, and at the end of October 2022, the market balance was still in the sellers’ market territory.
The overall MLS® HPI composite benchmark price was $286,200 in October 2022, a gain of 15% compared to October 2021.
The average price of homes sold in October 2022 was $282,379, advancing 20.3% from October 2021.
The more comprehensive year-to-date average price was $308,941, up by 22% from the first 10 months of 2021.
The number of new listings or houses that came up for sale in October saw a moderate decline of 6.6% (15 listings) from October 2021. There were 212 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in more than two decades.