2022 was a turbulent year for the U.S. housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.
Single-Family Residential Homes:
- Pending Sales: 1,058 (down 19.5% from Dec. 2021)
- Median Sales Price: $262,200 (up 4.9% from Dec. 2021)
- Closed Sales: 1,264 (down 32.3% from Dec. 2021)
- Months Supply of Inventory: 1.3 (up from 18.2% from Dec. 2021)
- Inventory of Homes for Sale: 2,082 (up from 5.3% from Dec. 2021)
- Average Days on Market Until Sale: 34 (vs. 27 days in Dec. 2021)
Townhouse and Condos:
- Pending Sales: 159 (down 30.9 from Dec. 2021)
- Median Sales Price: $210,000 (up 12% from Dec. 2021)
- Closed Sales: 201 (down 31.1% from Dec. 2021)
- Months Supply of Inventory: 1.1 (no change from Dec. 2021)
- Inventory of Homes for Sale: 301 (down 14.7% from Dec. 2021)
- Average Days on Market Until Sale: 32 (vs. 43 days in Dec. 2021)
Start your journey toward homeownership at usamortgage.com/buy-a-home today.
Information acquired from St. Louis Realtors.
