Existing-home sales slid for the second consecutive month, falling 3.4%
nationwide as of last measure, according to the National Association of
REALTORS® (NAR), as higher interest rates continue to impact buyer
affordability. Sales are down 23% compared to the same period a year ago,
while contract signings dropped 20.3% year-over-year. With sales cooling,
buyers in some parts of the country have found relief in the form of declining
sales prices, which are down 1.7% year-over-year nationally, although more
affordable markets continue to see price gains.
Closed Sales decreased 18.7 percent for existing homes and 4.8 percent for
new homes. Pending Sales decreased 16.9 percent for existing homes but
increased 36.9 percent for new homes. Inventory decreased 16.6 percent for
existing homes but increased 37.1 percent for new homes.
The Median Sales Price was up 2.5 percent to $292,000 for existing homes
and 4.2 percent to $515,590 for new homes. Days on Market increased 57.1
percent for existing homes and 81.8 percent for new homes. Supply increased
10.0 percent for existing homes and 56.8 percent for new homes.
While fluctuating interest rates have pushed some buyers to the sidelines, a
shortage of inventory is also to blame for lower-than-average home sales this
time of year, as current homeowners, many of whom locked in mortgage rates
several percentage points below today’s current rates, are delaying the
decision to sell until market conditions improve. With only 2.9 months’ supply
heading into May, available homes are moving fast, with the typical home
spending just over three weeks on the market, according to NAR.
*Information and stats courtesy of KCRAR and Heartland MLS.