Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season.
According to the lates data from the National Association of REALTORS® (NAR), national existing- home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
New listings decreased 8.2 percent for Single Family homes and 38.1 percent for Townhouse-Condo homes. Pending Sales decreased 0.3 percent for Single Family homes but increased 3.3 percent for Townhouse-Condo homes. Inventory increased 26.1 percent for Single Family homes but decreased 10.1 percent for Townhouse-Condo homes.
Month’s Supply of Inventory increased 50.0 percent for Single Family homes but remained flat for Townhouse-Condo homes.
Median Sales Price increased 2.2 percent to $262,500 for Single Family homes and 10.8 percent to $175,000 for Townhouse-Condo homes.
Days on Market increased 88.2 percent for Single Family homes and 121.4 percent for Townhouse- Condo homes.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-months’ supply at the current sales price. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
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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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
