U.S. existing-home sales climbed 1.5% month-over-month and 4.1% year-over-year, reaching a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than a year. Regionally, monthly sales advanced in the Northeast, South, and West, while the Midwest experienced a slight decline.
New Listings decreased 20.7 percent for Single Family homes and 15.5 percent for Townhouse-Condo homes. Pending Sales decreased 40.0 percent for Single Family homes and 49.6 percent for Townhouse-Condo homes. Inventory decreased 5.2 percent for Single Family homes but increased 21.3 percent for Townhouse-Condo homes.
Median Sales Price increased 3.7 percent to $1,187,500 for Single Family homes and 0.7 percent to $685,000 for Townhouse-Condo homes. Days on Market increased 25.0 percent for Single Family homes and 41.9 percent for Townhouse-Condo homes. Months Supply of Inventory remained flat for Single Family homes but increased 31.0 percent for Townhouse-Condo properties.
Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14.0% higher than the same period last year. This represents a 4.6-month supply at the current sales pace, according to NAR. The median existing-home price grew 2.1% year-over-year to $415,200, continuing the trend of annual price gains. The Midwest saw the largest year-over-year increase in median sales price, followed by the Northeast and South, while prices remained mostly flat in the West.
