Despite improving affordability conditions, U.S. existing-home sales declined 8.4% to a seasonally adjusted annual rate of 3.91 million, a 4.4% drop from one year earlier, according to the National Association of REALTORS® (NAR). The lowdown followed a 5.1% increase the previous month and modest gains throughout the fall. Sales retreated month-over-month and year-over-year in all four regions.
• Single Family Closed Sales were down 9.5 percent to 2,827.
•Townhouse-Condo Closed Sales were down 17.4 percent to 976.
• Adult Communities Closed Sales were down 8.0 percent to 377.
• Single Family Median Sales Price increased 5.3 percent to $558,000.
• Townhouse-Condo Median Sales Price increased 0.1 percent to $407,792.
• Adult Communities Median Sales Price increased 5.6 percent to $375,000.
Nationally, the median existing-home price inched up 0.9% year-over-year to
$396,800, a new high for the month, NAR reported. Home prices have continued to rise across much of the country, in part due to low supply, which remains below pre-pandemic levels. Total housing inventory stood at 1.22 million units as of the most recent reading, up 3.4% from one year earlier, representing a 3.7-month supply at the current sales pace.