From The Cape & Islands Association of Realtors: “U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.
New Listings were down 30.4 percent for single-family homes but were up 20.7 percent for condominium properties. Closed Sales decreased 21.7 percent for single-family homes and 5.7 percent for condominium properties.
The Median Sales Price was up 12.3 percent to $730,000 for single-family homes and 7.3 percent to $434,500 for condominium properties. Months Supply of Inventory increased 5.9 percent for single-family units but decreased 5.6 percent for condominium units.
Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Home-buyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.”
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