Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
New Listings were down 32.6% for single-family homes and 29.5% for Condo/TIC/Coop properties. Pending Sales increased 2.5% for single-family homes but decreased 9.2% for Condo/TIC/Coop properties.
The Median Sales Price was down 14.6% to $1,605,000 for single-family homes and 8.9% to $1,130,000 for Condo/TIC/Coop properties. Months' Supply of Inventory increased 12.5% for single-family units and 8.8% for Condo/TIC/Coop units.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.