From The Cape & Islands Association of Realtors: “U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% Closed Sales year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023. New Listings were up 24.1 percent for single-family homes and 38.8 percent for condominium properties. Closed Sales decreased 11.6 percent for single-family homes and 14.9 percent for condominium properties.
The Median Sales Price was up 6.5 percent to $702,500 for single-family homes but was down 3.1 percent to $465,000 for condominium properties. Months Supply of Inventory increased 28.6 percent for single-family units and 5.3 percent for condominium units.
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housingcompletions on the rise, inventory is expected to improve in the coming months.”
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