U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
New Listings decreased 4.6 percent for Single Family homes but remained flat for Townhouse-Condo homes. Pending Sales decreased 40.5 percent for Single Family homes and 47.8 percent for Townhouse-Condo homes. Inventory increased 18.2 percent for Single Family homes and 47.9 percent for Townhouse-Condo homes.
Median Sales Price increased 10.7 percent to $1,185,000 for Single Family homes and 2.1 percent to $715,000 for Townhouse-Condo homes. Days on Market increased 16.7 percent for Single Family homes and 22.6 percent for Townhouse-Condo homes. Months Supply of Inventory increased 15.0 percent for Single Family homes and 50.0 percent for Townhouse-Condo homes.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.
