U.S. existing-home sales improved for the second consecutive month, rising
4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month
high, according to the National Association of REALTORS® (NAR). Sales were
up 6.1% compared to the same time last year, marking the largest year-over-year
increase since June 2021. Economists had forecast existing-home sales
would come in at an annual rate of 4.07 million units for the month.
Closed Sales increased 13.9 percent for existing homes and 29.2 percent for
new homes. Pending Sales decreased 9.9 percent for existing homes but
increased 3.1 percent for new homes. Inventory increased 15.2 percent for
existing homes but decreased 17.8 percent for new homes.
The Median Sales Price was up 10.3 percent to $290,000 for existing homes
but decreased 0.8 percent to $500,000 for new homes. Days on Market
increased 21.9 percent for existing homes but decreased 23.9 percent for new
homes. Supply increased 12.5 percent for existing homes but increased 16.1
percent for new homes.
Total housing inventory stood at 1.33 million units heading into December, a
2.9% decrease from the previous month but a 17.7% increase year-over-year,
for a 3.8-month supply at the current sales pace. Inventory remains below the
5 – 6 months’ supply of a balanced market, and the limited number of homes
for sale continues to put upward pressure on sales prices nationwide, with
NAR reporting a median existing-home price of $406,100, a 4.7% increase
from one year earlier.
Stats & summary provided by HMLS & KCRAR