U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year
to a seasonally adjusted annual rate of 3.86 million units, according to the
National Association of REALTORS® (NAR). Meanwhile, home prices have
continued to reach record heights nationwide, with NAR reporting a median
sales price of $416,700 as of last measure, a 3.1% increase from the same time
last year and a new high for the month.
New Listings decreased 2.5 percent to 159. Pending Sales were up 6.4 percent
to 117. Inventory levels grew 10.8 percent to 628 units.
Prices continued to gain traction. The Median Sales Price increased 21.4
percent to $276,900. Days on Market was down 6.3 percent to 59 days. Buyers
felt empowered as Months Supply of Inventory was up 13.5 percent to 5.9
months.
Amid slower home sales, inventory has continued to grow across the country.
According to NAR, there were 1.35 million units for sale heading into
September, a 0.7% increase from the previous month and a 22.7% jump from
the same time last year. And while monthly existing-home sales were lower than
expected this period, NAR Chief Economist Lawrence Yun believes that the rise
in inventory, along with lower mortgage rates, should help sales improve in the
months ahead.
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 September, download the link below.
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