U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% 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 increased 41.7 percent for Single Family homes and 10.2 percent for Condominium homes. Pending Sales increased 35.6 percent for Single Family homes but decreased 11.1 percent for Condominium homes. Inventory decreased 18.2 percent for Single Family homes but increased 58.8 percent for Condominium homes.
Median Sales Price increased 14.3 percent to $1,342,581 for Single Family homes and 20.9 percent to $795,000 for Condominium homes. Days on Market decreased 3.3 percent for Single Family homes and 18.1 percent for Condominium homes. Months Supply of Inventory decreased 5.0 percent for Single Family homes but increased 121.7 percent for Condominium homes.
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 housing completions on the rise, inventory is expected to improve in the coming months.
All data from the REALTORS® Association of Maui, Inc. Report © 2023 ShowingTime.
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