Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability.
Sales are down 23% compared to the same time period a year ago, while contract signings dropped 20.3% year over year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year over year nationally, although more affordable markets continue to see price gains.
New listings decreased 8.1 percent for Single Family homes but increased 38.6 percent for Townhouse-Condo homes. Pending Sales decreased 3.7 percent for Single Family homes but remained flat for Townhouse-Condo homes. Inventory increased 44.0 percent for Single Family homes and 62.9 percent for Townhouse-Condo homes.
Month’s Supply of Inventory increased 69.2 percent for Single Family homes and 90.9 percent for Townhouse-Condo homes.
Median Sales Price increased 1.8 percent to $259,990 for Single Family homes and 29.6 percent to $186,000 for Townhouse-Condo homes.
Days on Market increased 94.7 percent for Single Family homes and 237.5 percent for Townhouse- Condo homes.
While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
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