{"id":226751,"date":"2022-12-05T10:46:51","date_gmt":"2022-12-05T15:46:51","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=226751"},"modified":"2022-12-05T10:46:51","modified_gmt":"2022-12-05T15:46:51","slug":"november-2022-us-balanced-market","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/november-2022-us-balanced-market","title":{"rendered":"Are we finally in a balanced market?"},"content":{"rendered":"

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Image via Pexels<\/a><\/p><\/div>\n

After two years of unpredictability, fierce bidding wars and competition, things are finally looking a little more balanced for the U.S. housing market.<\/span>\u00a0<\/span><\/p>\n

The national market moved further to favour buyers last month, entering neutral territory where neither buyers or sellers had the clear upper hand overall.<\/span>\u00a0<\/span><\/p>\n

Markets that cooled the fastest in response to rising interest rates continued to moderate \u2013 meaning home prices dropped and listings stayed on the market a little longer than when the market hit its peak.\u00a0<\/span>\u00a0<\/span><\/p>\n

The shift toward buyers\u2019 markets is being driven mostly by declining home sales. Over the nation\u2019s 100 largest metros, only 127,000 homes were sold in October \u2013 a 51.4% decrease from this time last year, and a record low since November 2016.<\/span>\u00a0<\/span><\/p>\n

\u201cThe housing market has borne the brunt of the Fed\u2019s attempt to control inflation,\u201d Sean Black, Knock Co-Founder and CEO, said. \u201cAt the same time, it has continued to demonstrate its resiliency. [\u2026] With interest rates stabilizing in recent weeks and less competition, buyers may begin to re-enter the market over the next few months, which could result in a return to a more normal spring home-buying market.\u201d<\/span>\u00a0<\/span><\/p>\n

Month\u2019s supply exceeded two months in all top 10 buyers\u2019 markets, except for Nashville, Tenn., where it stood at just 1.6 months. Las Vegas had the largest supply at 4.2 months.\u00a0<\/span>\u00a0<\/span><\/p>\n

In October, homes stayed on the market for an average of three weeks or more in the top buyers\u2019 markets. In two of those markets \u2013 Boise City and San Francisco \u2013 prices fell by 3% year-over-year.\u00a0<\/span>\u00a0<\/span><\/p>\n

The largest shifts to buyers\u2019 markets are occurring in markets that have remained historically neutral. However, local markets that lean more towards sellers show no signs of slowing down.<\/span>\u00a0<\/span><\/p>\n

In October, six of the top 10 seller\u2019s markets were in the South, three were in the Northeast, and one was in the Pacific Northwest. Although home prices in these markets continue to rise more than the national median sale price, three of the markets \u2013 Seattle, Greensboro and Portland have seen prices fall 10% or more from their peaks earlier this year.\u00a0<\/span>\u00a0<\/span><\/p>\n

In each of the top sellers\u2019 markets, the number of homes for sale is limited, creating high prices and quick list-to-sale times. Competition in sellers\u2019 markets remains fierce. In 13 sellers\u2019 markets, homes spent less than 10 days on the market \u2013 in some, it was only 7 days.<\/span>\u00a0<\/span><\/p>\n

According to data from the Knock Buyer-Seller Market Index, today\u2019s top sellers\u2019 markets will remain unaffected by the national trend of rising inventory and falling home prices well into 2023.\u00a0<\/span>\u00a0<\/span><\/p>\n

Fluctuations are normal in a market that is correcting itself, and despite gaining some momentum towards sellers in the spring, the largest 100 housing markets are forecast to move firmly into buyers\u2019 markets as early as summer 2023.\u00a0<\/span>\u00a0<\/span><\/p>\n

By October 2023, 26 markets are forecast to be buyers\u2019 markets, 38 will remain sellers\u2019 markets, and 36 will be neutral.\u00a0<\/span>\u00a0<\/span><\/p>\n

Nationally, the median sales price is forecast to peak in June 2023 at $416,000 and fall to $410,000 in October 2023 \u2013 following a typical seasonal fluctuation.\u00a0<\/span>\u00a0<\/span><\/p>\n

As the national market levels out and inventory rises, median days on the market are forecast to rise to 28 days, and average sales prices are forecast to remain lower than the average asking price.\u00a0<\/span>\u00a0<\/span><\/p>\n

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After two years of unpredictability, fierce bidding wars and competition, things are finally looking a little more balanced for the U.S. housing market.\u00a0 The 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