Market Report - May 2024
U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
New Listings remained flat at 633. Pending Sales increased 2.2 percent to 550. Inventory grew 56.2 percent to 1,589 units.
Prices moved higher as Median Sales Price was up 18.3 percent to $575,000. Days on Market increased 47.5 percent to 59 days. Months Supply of Inventory was up 56.5 percent to 3.6 months.
Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.