U.S. sales of existing homes rose 1.2% from the previous month to a seasonally adjusted annual rate of 4.10 million, according to the National Association of REALTORS® (NAR), as buyers took advantage of lower mortgage rates this fall. Sales increased in the Midwest and South, held steady in the Northeast, and edged down in the West. Year-over-year, sales were up 1.7%, with gains in the Northeast, Midwest, and South, while the West posted a decline.
New Listings decreased 17.6 percent for Single Family homes and 11.0 percent for Townhouse-Condo homes. Pending Sales decreased 46.1 percent for Single Family homes and 52.9 percent for Townhouse-Condo homes. Inventory decreased 9.0 percent for Single Family homes but increased 18.2 percent for Townhouse-Condo homes.
Median Sales Price increased 0.9 percent to $1,150,000 for Single Family homes and 4.9 percent to $729,000 for Townhouse-Condo homes. Days on Market increased 30.0 percent for Single Family homes and 43.3 percent for Townhouse-Condo homes. Months Supply of Inventory decreased 8.0 percent for Single Family homes but increased 25.9 percent for Townhouse- Condo homes.
Nationally, inventory dipped 0.7% month-over-month but rose 10.9% yearover- year, totaling 1.52 million units, according to NAR. At the current sales pace, supply stands at 4.4 months, slightly below last month’s level but higher than the 4.1 months recorded a year ago. Supported by modest inventory levels, prices continue to rise, with the national median existinghome price increasing 2.1% year-over-year to $415,200, marking 28 consecutive months of annual gains.
