Market Report - April 2024
U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
New Listings were up 38.7 percent to 735. Pending Sales increased 14.5 percent to 567. Inventory grew 62.2 percent to 1,599 units.
Prices moved higher as Median Sales Price was up 4.6 percent to $550,000. Days on Market increased 20.0 percent to 54 days. Months Supply of Inventory was up 63.6 percent to 3.6 months.
Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.