U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
New Listings increased 13.4 percent for Single Family homes but decreased 7.7 percent for Condominium homes. Pending Sales decreased 32.8 percent for Single Family homes and 24.4 percent for Condominium homes. Inventory increased 63.2 percent for Single Family homes and 105.3 percent for Condominium homes.
Median Sales Price increased 14.5 percent to $1,374,238 for Single Family homes and 1.2 percent to $860,000 for Condominium homes. Days on Market increased 34.4 percent for Single Family homes and 18.2 percent for Condominium homes. Months Supply of Inventory increased 67.6 percent for Single Family homes and 151.0 percent for Condominium homes.
Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8-month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.
All data from the REALTORS® Association of Maui, Inc. Report © 2024 ShowingTime.
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