U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
New Listings increased 33.3 percent for Single Family homes and 0.7 percent for Condominium homes. Pending Sales increased 3.2 percent for Single Family homes but decreased 35.8 percent for Condominium homes. Inventory increased 54.3 percent for Single Family homes and 138.5 percent for Condominium homes.
Median Sales Price increased 16.9 percent to $1,300,000 for Single Family homes but decreased 19.7 percent to $715,000 for Condominium homes. Days on Market increased 29.2 percent for Single Family homes and 1.6 percent for Condominium homes.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
All data from the REALTORS® Association of Maui, Inc. Report © 2024 ShowingTime.
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