Data & Statistics
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.
- Single Family Closed Sales were down 19.1 percent to 1,386.
- Townhouse-Condo Closed Sales were down 11.1 percent to 384.
- Adult Communities Closed Sales were down 28.1 percent to 41.
U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month- over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.
- Single Family Closed Sales were down 15.9 percent to 1,414.
- Townhouse-Condo Closed Sales were down 10.0 percent to 423. • Adult Communities
- Closed Sales were down 12.1 percent to 51.
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).
• Single Family Closed Sales were down 28.4 percent to 1,553.
• Townhouse-Condo Closed Sales were down 31.5 percent to 395.
• Adult Communities Closed Sales were down 21.5 percent to 51.
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
- Single Family Closed Sales were down 30.2 percent to 1,744.
- Townhouse-Condo Closed Sales were down 34.9 percent to 408.
- Adult Communities Closed Sales were down 16.4 percent to 56.