From The Cape & Islands Association of Realtors: “Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010.
According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop. New Listings were down 6.1 percent for single-family homes and 2.0 percent for condominium properties.
Closed Sales decreased 18.5 percent for single-family homes but remained flat for condominium properties. The Median Sales Price was up 15.5 percent to $772,500 for single-family homes and 1.4 percent to $525,000 for condominium properties.
Months Supply of Inventory increased 14.3 percent for single-family units but remained flat for condominium units. Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November, a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales.
According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country. Condominium Only Year-Over-Year Change Condominium Only Year-Over-Year Change Year-Over-Year Change Condominium Only Year-Over-Year Change Condominium Only 48 69 Quick Facts 141 $525,000 All data from the Cape Cod and Islands Association of REALTORS®, Inc. Report © 2023 ShowingTime. Monthly Indicators November 2023 A Research Tool Provided by The Cape Cod and Islands Association of REALTORS®, Inc. Covering Barnstable County”
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