U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
• Single Family Closed Sales were down 3.6 percent to 3,111.
• Townhouse-Condo Closed Sales were down 4.4 percent to 1,183.
• Adult Communities Closed Sales were up 5.1 percent to 416.
• Single Family Median Sales Price increased 6.2 percent to $530,000.
• Townhouse-Condo Median Sales Price increased 6.5 percent to $410,000.
• Adult Communities Median Sales Price increased 6.0 percent to $355,000.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was
$396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood
at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace