U.S. existing-home sales fell for the second month in a row, sliding 1.9%
month-over-month and 1.9% year-over-year, according to the National
Association of REALTORS® (NAR), with sales down in all four regions of the
country. Higher borrowing costs and accelerating home prices continue to
weigh on demand, pushing some prospective buyers to the sidelines and
causing market activity to slump ahead of summer.
Closed Sales increased 3.3 percent for existing homes but decreased 6.7
percent for new homes. Pending Sales increased 0.4 percent for existing
homes and 5.0 percent for new homes. Inventory increased 18.4 percent for
existing homes but decreased 15.5 percent for new homes.
The Median Sales Price was up 4.2 percent to $299,000 for existing homes
and 1.4 percent to $525,000 for new homes. Days on Market increased 4.2
percent for existing homes but decreased 0.7 percent for new homes. Supply
increased 28.6 percent for existing homes but increased 10.0 percent for new
homes.
Home prices have continued to climb nationwide, despite an uptick in
inventory this year. Nationally, the median existing-home price reached
$407,600 as of last measure, a 5.7% increase from the same period last year
and a record high for the month, according to NAR. Meanwhile, total inventory
heading into May stood at 1.21 million units, a 9% increase month-overmonth
and a 16.3% increase year-over-year, for a 3.5 month’s supply at the
current sales pace.
*Information and stats courtesy of KCRAR and Heartland MLS.