U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.
New Listings decreased 6.4 percent for Single Family homes but increased 8.6 percent for Condominium homes. Pending Sales decreased 34.2 percent for Single Family homes and 29.8 percent for Condominium homes. Inventory increased 61.6 percent for Single Family homes and 108.3 percent for Condominium homes.
Median Sales Price decreased 11.6 percent to $1,187,500 for Single Family homes and 15.6 percent to $675,000 for Condominium homes. Days on Market increased 3.5 percent for Single Family homes and 81.8 percent for Condominium homes. Months Supply of Inventory increased 78.9 percent for Single Family homes and 164.0 percent for Condominium homes.
According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to prepandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6% year-over-year to $404,400.
All data from the REALTORS® Association of Maui, Inc. Report © 2024 ShowingTime.
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