U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REATORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
New Listings decreased 4.8 percent for Single Family homes but increased 13.0 percent for Condominium homes. Pending Sales increased 24.0 percent for Single Family homes and 3.1 percent for Condominium homes. Inventory increased 36.2 percent for Single Family homes and 168.1 percent for Condominium homes.
Median Sales Price increased 2.4 percent to $1,300,000 for Single Family homes and 9.2 percent to $892,500 for Condominium homes. Days on Market decreased 1.6 percent for Single Family homes but increased 24.8 percent for Condominium homes. Months Supply of Inventory increased 30.0 percent for Single Family homes and 200.0 percent for Condominium homes.
There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
All data from the REALTORS® Association of Maui, Inc. Report © 2024 ShowingTime.
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