MAUMEE — 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®, 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.
In November, new listings decreased 12.7% for single family homes but increased 33.0% for condo-villa homes. Pending sales decreased 3.7% for single family homes but increased 6.3% for condo-villa homes. Inventory decreased 13.0% for single family homes but increased 21.7% for condo-villa homes.
Median sales price increased 12.3% to $178,500 for single family homes and 17.3% to $225,000 for condo-villa homes. Days on market decreased 4.9% for single family homes but increased 29.5% for condo-villa homes. Months supply of inventory remained flat for single family homes and for condo-villa properties.
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 the National Association of REALTORS®, 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.
