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November Neighborhood Minute: Monthly Housing Market Report

11/09/2022 - Smart Home Buying & Ownership, Responsibly Borrowing & Managing Credit

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Welcome to the Neighborhood Minute

The Neighborhood Minute is your monthly housing market report that keeps you in the know with facts distilled from the Fed to today’s market forecasts. All to empower your buying and selling journey.

November’s Mortgage Trend Report

What’s Up with Interest Rates?

  • Continuing its efforts to curb inflation, the Federal Reserve raised interest rates again on November 2, 2022 by 0.75%*, raising the benchmark rate to 3.75%-4%.
  • This is the sixth consecutive interest rate hike by the Fed and will likely be followed by another rate increase in December.
  • Rate increases will continue to affect an already falling demand for mortgages as rates rise past 7%*, reaching their highest level since 2008.

Buy, Sell or Stay?

  • New listings continue to drop, but the number of homes on the market is still 31%* higher than one year ago.
  • Homes are staying on the market an average of 7 days longer* than last year.
  • House prices are down about 6%* but continue to remain historically high.
  • Home sales continue to fall across all 12 Federal Reserve Districts* and are expected to drop even more in 2023.

2¢ Worth of Wisdom

Q: Should I buy a home now or wait?
A: “Deciding to buy a home is always a very personal decision based on your circumstances and needs. But as the Fed continues to raise interest rates to curb inflation, mortgages are going to get more expensive. If you’re thinking about pushing your move until 2023, there isn’t likely to be any significant improvement in prices or interest rates.”

-Ed Hensley, WesBanco Executive Vice President, Mortgage

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Mortgage Tools, Tips and Advice

Mortgage Calculator

Find out how much your home will actually cost. Learn More.

Monthly Mortgage Payment Calculator

Input your information and we’ll predict your monthly mortgage payment. Learn More. 

Mortgage Application Checklist

Prepare for the application process with this checklist. Learn More.

To Buy or Not to Buy?

Consider more than just the market before buying a home. Learn More.

*All information cited can be found on

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