Market Report - November 2023
Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.
New Listings were down 7.1 percent to 446. Pending Sales decreased 2.9 percent to 363. Inventory grew 20.5 percent to 1,306 units.
Prices moved higher as Median Sales Price was up 11.6 percent to $550,000. Days on Market increased 14.2 percent to 153 days. Months Supply of Inventory was up 36.4 percent to 3.0 months.
Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November, a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales. According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country.