U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the
previous month and breaking a five-month streak in which sales declined,
according to the National Association of REALTORS® (NAR). Despite the
increase, sales were down 7.3% compared to the same period last year, as
affordability challenges continue to hinder prospective buyers. Most of this
period’s closed sales went under contract in October, when mortgage rates
were at a two-decade high. With rates having dropped more than a full
percentage point since then, existing-home sales may continue to pick up in the
months ahead.
New Listings decreased 22.1 percent to 60. Pending Sales remained flat at 66.
Inventory levels shrank 14.8 percent to 426 units.
Prices continued to gain traction. The Median Sales Price increased 41.0
percent to $253,750. Days on Market was up 47.4 percent to 84 days. Sellers
were encouraged as Months Supply of Inventory was down 9.3 percent to 3.9
months
Low levels of inventory continue to impact U.S. home sales, offering few
options for aspiring buyers to choose from. Going into December there were
1.13 million units for sale, down 1.7% from the previous month but up 0.9%
from the same period last year, for a 3.5 months’ supply at the current sales
pace. As a result, sales prices remain high nationwide, with NAR reporting the
median existing-home price rose 4% annually to $387,600 as of last measure,
the fifth consecutive month of year-over-year price gains. Homebuyer demand
is picking up, and without a significant increase in supply, experts believe home
prices will likely remain elevated for some time to come.
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 December, download the link below.
Comments