U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-over-year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity.
Sales were down month-over-month in all four regions, with the West experiencing the largest decline, at 9.4%. New Listings decreased 10.1 percent for Single Family homes and 4.5 percent for Townhouse-Condo homes. Pending Sales decreased 40.9 percent for Single Family homes and 50.2 percent for Townhouse-Condo homes. Inventory increased 30.2 percent for Single Family homes and 53.9 percent for Townhouse-Condo homes.
Median Sales Price decreased 1.5 percent to $1,182,500 for Single Family homes but increased 0.4 percent to $702,500 for Townhouse-Condo homes. Days on Market increased 22.7 percent for Single Family homes and 26.9 percent for Townhouse-Condo homes. Months Supply of Inventory increased 27.3 percent for Single Family homes and 50.0 percent for Townhouse-Condo homes.
Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% year-over-year to $403,700 as of last measure.
