Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
New Listings decreased 46.2 percent for Single Family homes and 25.5 percent for Condominium homes. Pending Sales decreased 6.3 percent for Single Family homes but increased 1.2 percent for Condominium homes. Inventory decreased 14.6 percent for Single Family homes and 8.6 percent for Condominium homes.
Median Sales Price decreased 19.6 percent to $1,007,000 for Single Family homes but increased 21.9 percent to $984,450 for Condominium homes. Days on Market increased 4.5 percent for Single Family homes and 71.6 percent for Condominium homes. Months Supply of Inventory increased 33.3 percent for Single Family homes and 68.8 percent for Condominium homes.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
All data from the REALTORS® Association of Maui, Inc. Report © 2023 ShowingTime.
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