Weekly Market Report 10/12/2022

The West Penn MLS Active Listings Up 10% In September

Changes are here, interest rates are doing what they are supposed to do, there are considerably less homes selling this year versus last year. It seems like prices are starting to come down. There are price reductions happening over and over again. I'm looking at the current under contract and pending properties and there are about 8 weeks of inventory available, which is up from about 7 weeks last month. There are 1,389 less pending home sales compared to last year at this time according to the West Penn MLS. I'd be shocked if this changes anytime soon. Interest rates rose 3-4% since last year at this time. This shift in the real estate market will continue until the public becomes comfortable with this new normal of mortgage rates.

If I am going to predict the market over the next few months...

We have about 2 months of inventory available and increasing. Prices will most likely continue to fall. I believe this soft market will continue for 6-18 months and is shifting into a buyers market.

In the last 7 days 770 homes have gone under contract with buyers. While there were 565 new listings that entered the market.

There are 3,838 homes under contract preparing to close in the next 2-6 weeks compared to 4,160 homes under contract last month at this time and 5,227 in October 2021.

Demand will remain for well marketed, desirable & effectively priced homes.

Check out the blog post, "What Are Experts Saying About the Fall Housing Market?".