U.S. sales of existing homes rose 1.2% from the previous month to a seasonally adjusted annual rate of 4.10 million, according to the National Association of REALTORS® (NAR), as buyers took advantage of lower mortgage rates this fall. Sales increased in the Midwest and South, held steady in the Northeast, and edged down in the West. Year-over-year, sales were up 1.7%, with gains in the Northeast, Midwest, and South, while the West posted a decline.
New listings decreased 7.3% for residential homes and 0.4% for townhouse/condo homes. Pending sales increased 1.5% for residential homes and 5.4% for townhouse/condo homes. Inventory decreased 13.6% for residential homes but increased 3.5% for townhouse/condo homes.
Median sales price increased 12.5% to $314,900 for residential homes but decreased 3.2% to $230,000 for townhouse/condo homes. Days on market increased 17.2% for residential homes and 21.1% for townhouse/condo homes. Months supply of inventory decreased 14.8% for residential homes but remained flat for townhouse/condo homes.
Nationally, inventory dipped 0.7% month-over-month but rose 10.9% year-over-year, totaling 1.52 million units, according to NAR. At the current sales pace, supply stands at 4.4 months, slightly below last month’s level but higher than the 4.1 months recorded a year ago. Supported by modest inventory levels, prices continue to rise, with the national median existing home price increasing 2.1% year-over-year to $415,000, marking 28 consecutive months of annual gains.
