U.S. existing-home sales climbed 1.5% month-over-month and 4.1% year-over-year, reaching a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than a year. Regionally, monthly sales advanced in the Northeast, South, and West, while the Midwest experienced a slight decline.
New listings increased 7.4% for residential homes and 8.5% for townhouse/condo homes. Pending sales decreased 0.9% for residential homes but increased 18.3% for townhouse/condo homes. Inventory decreased 7.4% for residential homes but increased 9.4% for townhouse/condo homes.
Median sales price increased 6.7% to $320,000 for residential homes but decreased 15.9% to $206,000 for townhouse/condo homes. Days on market decreased 3.3% for residential homes but increased 36.4% for townhouse/condo homes. Months supply of inventory decreased 7.4% for residential homes but increased 6.1% for townhouse/condo homes.
Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14% higher than the same period last year. This represents a 4.6-month supply at the current sales pace, according to NAR. The median existing-home price grew 2.1% year-over-year to $415,200, continuing the trend of annual price gains. The Midwest saw the largest year-over-year increase in median sales price, followed by the Northeast and South, while prices remained mostly flat in the West.
