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 increased 45.0 percent to 87. Pending Sales were up 33.3 percent
to 84. Inventory levels grew 11.1 percent to 511 units.
Prices were a tad soft. The Median Sales Price decreased 4.0 percent to
$239,900. Days on Market remained flat at 84 days. Buyers felt empowered as
Months Supply of Inventory was up 9.3 percent to 4.7 months.
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.
Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.
To view the full Market Report for October, download the link below.
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