U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month- over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
- Single Family Closed Sales were up 6.7 percent to 1,331.
- Townhouse-Condo Closed Sales were up 14.2 percent to 362.
- Adult Communities Closed Sales remained flat at 47.
- Single Family Median Sales Price increased 12.8 percent to $599,000.
- Townhouse-Condo Median Sales Price increased 10.8 percent to $415,500.
- Adult Communities Median Sales Price increased 6.2 percent to $515,000.
Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.
