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Please note: this SFAR data is for Aug 2024
U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
New Listings were down 24.6 percent for single family homes and 7.9 percent for Condo/TIC/Coop properties. Pending Sales increased 12.8 percent for single family homes and 22.2 percent for Condo/TIC/Coop properties.
The Median Sales Price was down 3.4 percent to $1,521,000 for single family homes and 4.8 percent to $1,032,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 40.9 percent for single family units and 5.3 percent for Condo/TIC/Coop units.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
