U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-overyear
to a seasonally adjusted annual rate of 3.86 million units, according to the
National Association of REALTORS® (NAR). Meanwhile, home prices have
continued to reach record heights nationwide, with NAR reporting a median
sales price of $416,700 as of last measure, a 3.1% increase from the same
time last year and a new high for the month.
Closed Sales decreased 5.1 percent for existing homes and 3.7 percent for
new homes. Pending Sales increased 7.2 percent for existing homes and 8.1
percent for new homes. Inventory increased 14.2 percent for existing homes
but decreased 15.6 percent for new homes.
The Median Sales Price was up 9.3 percent to $295,000 for existing homes
but decreased 1.3 percent to $532,500 for new homes. Days on Market
increased 25.0 percent for existing homes but decreased 27.9 percent for new
homes. Supply increased 15.8 percent for existing homes but increased 10.0
percent for new homes.
Amid slower home sales, inventory has continued to grow across the country.
According to NAR, there were 1.35 million units for sale heading into
September, a 0.7% increase from the previous month and a 22.7% jump from
the same time last year. And while monthly existing-home sales were lower
than expected this period, NAR Chief Economist Lawrence Yun believes that
the rise in inventory, along with lower
*Information and stats courtesy of KCRAR and Heartland MLS.