U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
New Listings increased 40.7 percent for Single Family homes and 74.7 percent for Condominium homes. Pending Sales decreased 15.5 percent for Single Family homes and 20.3 percent for Condominium homes. Inventory increased 68.1 percent for Single Family homes and 275.9 percent for Condominium homes.
Median Sales Price increased 10.4 percent to $1,325,000 for Single Family homes and 33.3 percent to $1,000,000 for Condominium homes. Days on Market increased 25.3 percent for Single Family homes and 47.2 percent for Condominium homes. Months Supply of Inventory increased 72.7 percent for Single Family homes and 334.6 percent for Condominium homes.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
All data from the REALTORS® Association of Maui, Inc. Report © 2024 ShowingTime.
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