U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
New listings increased 1.9% for residential homes and 7.1% for townhouse/condo homes. Pending sales decreased 1.3% for residential homes but increased 0.5% for townhouse/condo homes. Inventory decreased 11.9% for residential homes but increased 59.8% for townhouse/condo homes.
Median sales price increased 13.2% to $300,000 for residential homes and 10.2% to $242,500 for townhouse/condo homes. Days on market increased 15.4% for residential homes and 37.5% for townhouse/condo homes. Months supply of inventory decreased 9.1% for residential homes but increased 68.8% for townhouse/condo homes.
There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
