Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year. New listings decreased 3.5 percent for Single Family homes and 5.6 percent for Townhouse-Condo homes. Pending Sales decreased 17.7 percent for Single Family homes and 32.9 percent for Townhouse-Condo homes. Inventory increased 61.6 percent for Single Family homes and 61.8 percent for Townhouse-Condo homes.
Month’s Supply of Inventory increased 76.9 percent for Single Family homes and 78.6 percent for Townhouse-Condo homes.
Median Sales Price increased 6.7 percent to $240,000 for Single Family homes and 25.5 percent to $160,000 for Townhouse-Condo homes.
Days on Market increased 36.8 percent for Single Family homes and 36.4 percent for TownhouseCondo homes.
The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.
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.
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.
