Housing inventory caught up to 2020 levels in October of this year.
According to Realtor.com®’s Monthly Housing Trends Report for October, the number of active listings across the U.S. rose 33.% year over year, representing 189,000 more houses on the market compared to last October. In September, active inventory saw only a 26.9% year over year boost. However, homes are staying on the market longer than the previous record-fast trends of the past two years, leading to more inventory lasting and bigger numbers. The number of total unsold homes (including ones that have not yet sold and ones that are waiting on closing) rose 0.5% year over year. Homes were on the market, on average, 51 days, compared to 45 days last October, but still well below pre-COVID levels (71 days average). Yet, active listings are still not quite back to pre-pandemic levels, with about 40.4% less homes actively for sale than the 2017-2019 average. In the largest 50 metros in the country, inventory of homes actively for sale rose 46.4%.
After a record-high national median home price of $449,00 in June, the median national home price fell to $425,000 in October, up 13.3% year over year, but below September’s growth of 13.9%. The percentage of homes that dropped their home price in October was 20.9%, up from 10.6% year over year.
In Pennsylvania, the median existing home sales price rose slightly in October to $210,132 and listings declined again and was down 23% year over year, according to a report prepared for PAR. The Pittsburgh area saw a 2.3% drop in median listing prices year over year ($220,000), with 8.1% more active listings year over year, but new listings were down 9%. Homes spent an average of 54 days on the market, with 21.3% dropping the price. In the Philadelphia area, homes rose 4.7% to $335,000 on average, with 6.1% more active listings and 4.3% more new listings year over year. Homes were on the market for an average of 51 days and 18% dropped their prices in October.