(Maumee, OH – July 16, 2024) – U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year.
According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year over-year, to a seasonally adjusted annual rate of 4.11 million units.
Locally, New Listings decreased 5.9 percent for Single Family homes and 2.7 percent for Condo-Villa homes. Pending Sales decreased 15.7 percent for Single Family homes but increased 3.2 percent for Condo-Villa homes. Inventory decreased 2.0 percent for Single Family homes and 6.3 percent for Condo-Villa homes.
Median Sales Price decreased 1.6 percent to $187,000 for Single Family homes but increased 19.4 percent to $240,000 for Condo-Villa homes.
Days on Market decreased 5.4 percent for Single Family homes but increased 28.3 percent for Condo-Villa homes. Months Supply of Inventory increased 33.35 percent for Single Family homes but remained flat for CondoVilla homes.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide.
At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
