U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
New Listings increased 2.4 percent for Single Family homes and 52.1 percent for Condominium homes. Pending Sales decreased 5.1 percent for Single Family homes but increased 8.0 percent for Condominium homes. Inventory decreased 10.7 percent for Single Family homes but increased 78.8 percent for Condominium homes.
Median Sales Price increased 15.9 percent to $1,250,760 for Single Family homes but decreased 18.6 percent to $744,500 for Condominium homes. Days on Market increased 14.2 percent for Single Family homes but decreased 22.0 percent for Condominium homes. Months Supply of Inventory decreased 2.3 percent for Single Family homes but increased 129.2 percent for Condominium homes.
Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.
All data from the REALTORS® Association of Maui, Inc. Report © 2023 ShowingTime.
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