US 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 increased 16.2% for residential homes and 32.6% for townhouse/condo homes. Pending sales increased 11.4% for residential homes and 8.6% for townhouse/condo homes. Inventory decreased 9.7% for residential homes but increased 27.1% for townhouse/condo homes.
Median sales price decreased 1.2% to $272,700 for residential homes but increased 11.4% to $245,000 for townhouse/condo homes. Days on market increased 3.6% for residential homes but decreased 35.1% for townhouse/condo homes. Months supply of inventory decreased 6.7% for residential homes but increased 30.8% for townhouse/condo homes.
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.
