Monthly Indicators
U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
New Listings were up 26.2 percent to 839. Pending Sales decreased 7.2 percent to 539. Inventory grew 27.1 percent to 1,932 units.
Prices moved higher as Median Sales Price was up 6.2 percent to $307,900. Days on Market decreased 4.6 percent to 62 days, the ninth consecutive month of year-over-year declines. Months Supply of Inventory was up 31.0 percent to 3.8 months, indicating that supply increased relative to demand.
Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.
Housing Supply Overview
U.S. sales of new residential homes are on the rise again, following a dip in activity the previous month. According to the Census Bureau, new home sales climbed 8.8% month-over-month to a seasonally adjusted annual rate of 693,000 units, the highest level since last September. New-home sales were up in all four regions, but were highest in the Northeast, where sales jumped 27.8% from the previous month. For the 12-month period spanning May 2023 through April 2024, Pending Sales in the Western Upstate Association of REALTORS® region rose 5.7 percent overall. The price range with the largest pending sales gain was the $500,001 to $750,000 range, where sales improved 28.6 percent.
The overall Median Sales Price were up 8.2 percent to $297,500. The property type with the largest gain was the Single-Family Homes segment, where prices increased 7.1 percent to $304,900. The price range that tended to sell the quickest was the $150,001 to $250,000 range at 51 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 76 days.
Market-wide, inventory levels rose 37.1 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale improved 38.6 percent. That amounts to 3.7 months of inventory for Single-Family Homes and 3.5 months of inventory for Condos.
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