Key Market Trends: October 2022 INTEREST RATE TRACKER 〉 Home sales continue to fall throughout the entire LAR market. In October there were 261 in the LAR area, 90 fewer sales than last year, which is a 25.6% decline. This is the biggest decline in sales in 2022 in the LAR footprint. Sales fell the sharpest in Appomattox County (-52.2%) and Campbell County (-34.8%) in October. There were 105 sales in Bedford County in October, which is 30 fewer sales than last year, representing a 22.2% decline. 〉 Pending sales declined throughout the entire LAR region. There were 274 pending sales across the LAR housing market in October, 94 fewer pending sales than a year ago, which is a 25.5% decrease. Pending sales increased for the first time in five consecutive months in Appomattox County (+5.9%). Bedford County had a 27.6% drop in pending sales, and Lynchburg had 25.4% fewer pending sales than last October. 〉 Home price growth remains strong in most parts of the LAR market. The median sales price in the LAR region was $259,900, which is $19,900 more than a year ago (+8.3%). The median sales price in Bedford County inched down for the first time in almost year to $325,000, which is $8,075 less than last year. In October, prices grew sharply in Appomattox County (+34.6%) and Campbell County (+18.2%). 〉 Inventory levels remained flat in the LAR footprint at the end of October. At the end of October there were 514 active listings, unchanged compared to this time a year ago. Active listings grew in Bedford County (+5.3%), Campbell County (+3.7%), and Lynchburg (+5.8%) at the end of October. Both Amherst County and Appomattox County had 47 active listings at the end of the month, down 26.6% and 6.0%, respectively, from last October
