U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%.
Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.
New listings decreased 10.9 percent for Single Family homes and 17.9 percent for Townhouse-Condo homes. Pending Sales decreased 7.5 percent for Single Family homes and 1.4 percent for Townhouse-Condo homes. Inventory increased 66.1 percent for Single Family homes and 32.5 percent for Townhouse-Condo homes.
Month’s Supply of Inventory increased 90.9 percent for Single Family homes and 50.0 percent for Townhouse-Condo homes.
Median Sales Price increased 3.0 percent to $252,250 for Single Family homes but decreased 10.3 percent to $152,500 for Townhouse-Condo homes.
Days on Market increased 109.5 percent for Single Family homes but decreased 23.1 percent for Townhouse-Condo homes.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, 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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