The housing market has definitely slowed this year. But while the home buying frenzy of 2021 has passed, that doesn't mean good homes are sitting on the market unsold. In fact, the majority of homes sold in November were on the market less than a month, with the typical property on the market just 24 days – up from 18 days one year earlier.
In other words, the still lower-than-normal number of homes for sale means good listings continue to sell relatively quickly, even as home sales overall have slowed.
Lawrence Yun, NAR's chief economist, says the market may be thawing. “The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added. “The average monthly mortgage payment is now almost $200 less than it was several weeks ago when interest rates reached their peak for this year.” Still, November sales were down from the month before, with sales of existing homes falling 7.7 percent from October.
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