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.

Closed Sales increased 3.0 percent for Existing Homes homes but decreased 2.2 percent for New Construction homes. Pending Sales decreased 7.4 percent for Existing Homes homes but increased 11.8 percent for New Construction homes.

Inventory increased 11.7 percent for Existing Homes homes and 3.1 percent for New Construction homes. Median Sales Price increased 6.9 percent to $310,000 for Existing Homes homes and 6.2 percent to $558,075 for New Construction homes.

Days on Market increased 12.9 percent for Existing Homes homes but decreased 15.6 percent for New Construction homes. Months Supply of Inventory increased 4.2 percent for Existing Homes homes but decreased 1.8 percent for New Construction homes.

Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14.0% 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.