U.S. existing-home sales improved for the second consecutive month,
rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
New Listings decreased 11.6 percent for Single Family homes but increased 4.4 percent for Townhouse-Condo homes. Pending Sales decreased 35.6 percent for Single Family homes and 39.1 percent for Townhouse-Condo homes. Inventory decreased 2.7 percent for Single Family homes but increased 31.8 percent for Townhouse-Condo homes.
Median Sales Price increased 10.0 percent to $1,155,000 for Single Family homes and 7.0 percent to $700,000 for Townhouse-Condo homes. Days on Market increased 17.9 percent for Single Family homes and 28.6 percent for Townhouse-Condo homes. Months Supply of Inventory decreased 5.6 percent for Single Family homes but increased 31.3 percent for Townhouse- Condo homes.
Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over- year, for a 3.8-month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.
