US existing-home sales declined 2.4% month-over-month as of the last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pull back, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.
New listings decreased by 21.1% for residential homes and 33.2% for townhouse/condo homes. Pending sales decreased by 18% for residential homes and 22% for townhouse/condo homes. Inventory decreased by 1.7% for residential homes and 10.8% for townhouse/condo homes.
Median sales price increased 5.3% to $276,000 for residential homes and 3.3% to $219,000 for townhouse/condo homes. Days on market increased 12% for residential homes and 48% for townhouse/condo homes. Months supply of inventory increased by 27.3% for residential homes and 9.1% for townhouse/condo homes.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
