U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines.
Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
New Listings were up 20.3 percent for single-family homes but were down 1.3 percent for condominium properties. Closed Sales increased 2.8 percent for single-family homes but decreased 16.2 percent for condominium properties. The Median Sales Price was up 6.1 percent to $809,250 for single-family homes and 16.1 percent to $512,500 for condominium properties.
Months Supply of Inventory increased 29.4 percent for single-family units and 21.1 percent for condominium units. Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-overyear, for a 3.2 months’ supply at the current sales pace, according to NAR.
Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.
Interested in learning more about how our local real estate market is performing or what your home is worth in today’s market? Reach out today.