U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.
New listings decreased 5% for residential homes but increased 21.9% for townhouse/condo homes. Pending sales increased 0.6% for residential homes but remained flat for townhouse/condo homes. Inventory decreased 15.2% for residential homes but increased 69.7% for townhouse/condo homes.
Median sales price decreased 1.2% to $295,000 for residential homes and 1.3% to $222,000 for townhouse/condo homes. Days on market increased 16% for residential homes but decreased 12.5% for townhouse/condo homes. Months supply of inventory decreased 13.6% for residential homes but increased 78.6% for townhouse/condo homes.
Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.
