U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
• Single Family Closed Sales were down 9.4 percent to 3,393.
• Townhouse-Condo Closed Sales were down 1.3 percent to 1,204.
• Adult Communities Closed Sales were up 1.6 percent to 453.
• Single Family Median Sales Price increased 12.2 percent to $505,000.
• Townhouse-Condo Median Sales Price increased 19.7 percent to $395,000.
• Adult Communities Median Sales Price increased 15.8 percent to $359,000.
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.