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Home prices rise while inventory continues to be a challenge

Posted by GCAR on May 26, 2022

Existing-home sales fell to just 867 closed sales for the month of April. Sales were down 4% from the prior month and 20.2% from one year ago. The market is experiencing an extended length of time with low inventory, which is blocking sales from rising higher.

Inventory of homes for sale fell 51.5 percent from 2,861 homes available in April 2021 to just 1,387 units last month. Months’ supply of inventory declined 45.5 percent from 2.2 months of inventory in April 2021 to just 1.2 months in April 2022. A 6-month supply is considered to be a balanced market.

Home prices in the Capital Region continue to rise, with the median existing-home at $257,500, a 3% increase from this time last year. The percentage of the original list price received at sale reached 100.4 percent in April. Homes are selling quickly, and multiple offers are common in this market. Homes are spending just 41 days on the market, which is 10 days less than April 2021.

New listings were down 18.2 percent in April – from 1,629 in 2021 to 1,332 new listings in 2022. Pending sales also fell 12.3 percent from 1,296 in April 2021 to 1,137 in April 2022.

Nationally, existing-home sales are down 2.4% from the prior month and 5.9% from one year ago, marking 5 straight months of under contract declines, according to the National Association of REALTORS®.

View the stats here.

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