Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.
New Listings decreased 28.9 percent for Single Family homes but increased 20.9 percent for Condominium homes. Pending Sales decreased 10.8 percent for Single Family homes and 11.4 percent for Condominium homes. Inventory decreased 16.0 percent for Single Family homes but increased 40.7 percent for Condominium homes.
Median Sales Price increased 7.3 percent to $1,100,000 for Single Family homes and 4.7 percent to $890,000 for Condominium homes. Days on Market decreased 28.4 percent for Single Family homes but increased 29.3 percent for Condominium homes. Months Supply of Inventory increased 8.1 percent for Single Family homes and 133.3 percent for Condominium homes.
Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November, a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales. According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country.
All data from the REALTORS® Association of Maui, Inc. Report © 2023 ShowingTime.
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