(Maumee, OH – June 11, 2024) – U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country.
Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
New Listings decreased 9.6 percent for Single Family homes and 20.0 percent for Condo-Villa homes. Pending Sales decreased 4.8 percent for Single Family homes and 29.6 percent for Condo-Villa homes.
Inventory decreased 6.8 percent for Single Family homes and 0.9 percent for CondoVilla homes. Median Sales Price increased 14.2 percent to $199,900 for Single Family homes and 6.3 percent to $233,750 for Condo-Villa homes.
Days on Market decreased 5.5 percent for Single Family homes but increased 22.0 percent for Condo-Villa homes. Months Supply of Inventory remained flat for Single Family homes but increased 50.0 percent for Condo-Villa properties.
Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR.
Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.