U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.
New Listings decreased 19.0 percent for Single Family homes but increased 109.5 percent for Condominium homes. Pending Sales increased 26.3 percent for Single Family homes and 51.9 percent for Condominium homes. Inventory decreased 23.6 percent for Single Family homes but increased 65.5 percent for Condominium homes.
Median Sales Price increased 11.0 percent to $1,200,000 for Single Family homes and 10.4 percent to $850,000 for Condominium homes. Days on Market decreased 29.4 percent for Single Family homes but increased 16.5 percent for Condominium homes. Months Supply of Inventory decreased 5.1 percent for Single Family homes but increased 138.1 percent for Condominium homes.
Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.
All data from the REALTORS® Association of Maui, Inc. Report © 2023 ShowingTime.
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