U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.
New Listings decreased 25.8 percent for Single Family homes and 42.0 percent for Condominium homes. Pending Sales decreased 27.0 percent for Single Family homes and 34.0 percent for Condominium homes. Inventory increased 17.4 percent for Single Family homes and 16.4 percent for Condominium homes.
Median Sales Price decreased 11.5 percent to $1,100,000 for Single Family homes but increased 7.0 percent to $877,000 for Condominium homes. Days on Market increased 8.4 percent for Single Family homes and 52.9 percent for Condominium homes. Months Supply of Inventory increased 90.5 percent for Single Family homes and 140.0 percent for Condominium homes.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
All data from the REALTORS® Association of Maui, Inc. Report © 2023 ShowingTime.
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