U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.
New Listings decreased 17.5 percent for Single Family homes and 6.7 percent for Condominium homes. Pending Sales increased 52.1 percent for Single Family homes and 10.6 percent for Condominium homes. Inventory increased 46.3 percent for Single Family homes and 206.1 percent for Condominium homes.
Median Sales Price increased 8.8 percent to $1,408,287 for Single Family homes and 27.1 percent to $990,000 for Condominium homes. Days on Market increased 12.4 percent for Single Family homes and 31.1 percent for Condominium homes. Months Supply of Inventory increased 42.1 percent for Single Family homes and 241.9 percent for Condominium homes.
Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.
All data from the REALTORS® Association of Maui, Inc. Report © 2024 ShowingTime.
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