May 2023
Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.
New Listings decreased 13.2 percent for Single Family homes and 29.3 percent for Condominium homes. Pending Sales increased 10.3 percent for Single Family homes but decreased 21.6 percent for Condominium homes. Inventory increased 1.2 percent for Single Family homes and 10.8 percent for Condominium homes.
Median Sales Price increased 4.9 percent to $1,271,500 for Single Family homes and 16.4 percent to $835,000 for Condominium homes. Days on Market decreased 5.6 percent for Single Family homes but increased 5.3 percent for Condominium homes. Months Supply of Inventory increased 58.3 percent for Single Family homes and 116.7 percent for Condominium homes.
While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.
All data from the REALTORS® Association of Maui, Inc. Report © 2023 ShowingTime.
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