U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
New Listings increased 19.8 percent for Single Family homes and 46.5 percent for Condominium homes. Pending Sales decreased 4.3 percent for Single Family homes and 1.1 percent for Condominium homes. Inventory remained flat for Single Family homes but increased 105.5 percent for Condominium properties.
Median Sales Price increased 9.5 percent to $1,303,692 for Single Family homes and 62.9 percent to $1,300,000 for Condominium homes. Days on Market increased 11.8 percent for Single Family homes but decreased 35.6 percent for Condominium homes. Months Supply of Inventory increased 7.1 percent for Single Family homes and 146.2 percent for Condominium homes.
The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.
All data from the REALTORS® Association of Maui, Inc. Report © 2024 ShowingTime.
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