U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
New listings decreased 2.2% for residential homes but increased 6% for townhouse/condo homes. Pending sales decreased 1.5% for residential homes but increased 3.2% for townhouse/condo homes. Inventory decreased 10.9% for residential homes but increased 53% for townhouse/condo homes.
Median sales price increased 12.2% to $282,000 for residential homes and 1.3% to $236,200 for townhouse/condo homes. Days on market decreased 3.3% for residential homes but increased 65.2% for townhouse/condo homes.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
