Monthly Indicators
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
New Listings were up 10.6 percent to 774. Pending Sales decreased 11.8 percent to 499. Inventory grew 39.4 percent to 1,900 units.
Prices moved lower as Median Sales Price was down 1.4 percent to $299,700. Days on Market decreased 3.3 percent to 58 days, the eleventh consecutive month of year-over-year declines. Months Supply of Inventory was up 37.0 percent to 3.7 months, the eleventh consecutive month of year-over-year gains.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
Housing Supply Overview
U.S. sales of new residential homes unexpectedly declined, falling 11.3% from the previous month to a seasonally adjusted annual rate of 619,000 units, the lowest level since November, according to the U.S. Census Bureau. Economists polled by Reuters had forecast new-home sales to come in at a rate of 640,000 units for the month, with elevated mortgage rates blamed for the recent drop in sales activity. For the 12-month period spanning July 2023 through June 2024, Pending Sales in the Western Upstate Association of REALTORS® region increased 1.7 percent overall. The price range with the largest pending sales gain was the $500,001 to $750,000 range, where sales went up 18.5 percent.
The overall Median Sales Price were up 6.6 percent to $298,500. The property type with the largest gain was the Condos segment, where prices rose 9.8 percent to $235,000. 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 74 days.
Market-wide, inventory levels improved 39.4 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale rose 40.5 percent. That amounts to 3.7 months of inventory for Single-Family Homes and 3.4 months of inventory for Condos.