National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).
New Listings increased 12.6 percent for Single Family homes and 35.1 percent for Condominium homes. Pending Sales decreased 26.8 percent for Single Family homes and 38.1 percent for Condominium homes. Inventory decreased 17.3 percent for Single Family homes but increased 22.7 percent for Condominium homes.
Median Sales Price increased 27.3 percent to $1,294,500 for Single Family homes but decreased 1.3 percent to $789,500 for Condominium homes. Days on Market decreased 6.3 percent for Single Family homes but increased 40.5 percent for Condominium homes. Months Supply of Inventory increased 12.1 percent for Single Family homes and 130.8 percent for Condominium homes.
Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.
All data from the REALTORS® Association of Maui, Inc. Report © 2023 ShowingTime.
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