Single-family home sales in September were down 8% to 164 units. This is in addition to sales dropping 17% for September from 2021 to 2022. Year-to-date, sales remain down 16% for 2023.
The average sold price in September was down 1% last month to $345,474. This isn’t a surprise, as the average sales price increased 22% in September 2022. The median price was up 3% to $305,000. In the City of Columbia, the average sold price and median price increased 5% to $358,565 and $316,000.
The National Association of REALTORS® (NAR) reported on Friday that national existing home sales declined 2% last month while the existing median price grew 2.8% from last year to $394,300. Existing home sales in Boone County (including Columbia) slid 15% to 138 sales with a median price of $280,000, down 3%. In the City of Columbia, existing home sales plunged 27% to 88 units with a median price of $266,500, down 11%. New construction (NC) sales in Boone County (including Columbia) jumped 53% to 26 units with a median price increase of 22% to $399,000, while in Columbia, new construction sales were up 23% but were only up by three units to 16 NC sales in Columbia last month with the median price increase of 31% to $425,000. In August, Columbia’s median existing-home price had increased by 15%.
Days on market (DOM) came in 29 days, up 38% from last year, but DOM are still far below the historical average for the month of September. Pending listings last month were down 8% to 148 homes under contract. However, 148 pending listings are in line for the month of September prior to the pandemic, which is a surprise with the rise of mortgage rates last month.
For the third quarter of this year, sales are down 8%, while the average sold price increased 4% to $349,556, and the median price was up 13% to $315,000, compared to the third quarter of 2022.
Building permits countywide remain down 16% for the year. For the third quarter, permits were down 9%. Permits in the County, excluding Columbia and Ashland, remain in line with 2022, while Columbia and Ashland continue to struggle year-to-date.
Mortgage rates continued their upward trend and did so into October, where a 30 Yr. FRM reached over 8% this month, up 2% from the start of this year. Rates could continue to increase as the possibility of another federal government shut-down is only a few weeks away, with Congress having no ability to act until a new House of Representatives Speaker is elected. As rates increase, it’s making home affordability more and more complex, on top of increased homeowners insurance rates as property values continue to jump.
Overall, new construction sales continue to increase from last year, which has pushed up prices for the overall market in September. We did see a decline in the price of existing homes in September. However, it’s only one month, and in August, existing home prices jumped up 15%. For the first three weeks of October, sales are in line with this time last year, and the existing median price is up 9% to $300k for Boone County.
SOURCE – COLUMBIA BOARD OF REALTORS CEO, BRIAN TOOHEY, MBA, RCE, EPRO
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