Despite improving affordability conditions, U.S. existing-home sales declined 8.4% to a seasonally adjusted annual rate of 3.91 million, a 4.4% drop from one year earlier, according to the National Association of REALTORS® (NAR). The slowdown followed a 5.1% increase the previous month and modest gains throughout the fall. Sales retreated month-overmonth and year-over-year in all four regions.
New Listings decreased 24.4 percent for Single Family homes and 14.5 percent for Townhouse-Condo homes. Pending Sales decreased 44.0 percent for Single Family homes and 44.5 percent for Townhouse-Condo homes. Inventory decreased 15.9 percent for Single Family homes but increased 9.3 percent for Townhouse-Condo homes.
Median Sales Price increased 2.0 percent to $1,198,806 for Single Family homes and 0.7 percent to $720,000 for Townhouse-Condo homes. Days on Market increased 11.4 percent for Single Family homes and 28.9 percent for Townhouse-Condo homes. Months Supply of Inventory decreased 11.5 percent for Single Family homes but increased 17.9 percent for TownhouseCondo homes.
Nationally, the median existing-home price inched up 0.9% year-over-year to $396,800, a new high for the month, NAR reported. Home prices have continued to rise across much of the country, in part due to low supply, which remains below pre-pandemic levels. Total housing inventory stood at 1.22 million units as of the most recent reading, up 3.4% from one year earlier, representing a 3.7-month supply at the current sales pace.
