U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
New listings decreased 2.2% for residential homes but increased 8.5% for townhouse/condo homes. Pending sales increased 6.2% for residential homes and 17.1% for townhouse/condo homes. Inventory decreased 15.8% for residential homes but increased 40.1% for townhouse/condo homes.
Median sales price increased 12% to $279,900 for residential homes and 27.6% to $250,000 for townhouse/condo homes. Days on market increased 8.8% for residential homes and 46.7% for townhouse/condo homes. Months supply of inventory decreased 15.8% for residential homes but increased 50% for townhouse/condo homes.
Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8-month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.
