April 2024 Monthly Statistics

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), a higher
interest rates and rising sales prices continue to keep some perspective
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 the last measure, a 4.8% increase from the previous month, according to
NAR.


New Listings increased by 3.7 percent for Single Family homes and 36.6
percent for Condominium homes. Pending Sales increased by 5.8 percent for
Single-family homes decreased 31.2 percent for Condominium homes.
Inventory increased 1.8 percent for single-family homes and 141.0 percent
for Condominium homes.


Median Sales Price increased 16.9 percent to $1,300,000 for single-family
homes and 8.4 percent to $962,500 for Condominium homes. Days on
The market decreased by 10.5 percent for Single Family homes but increased by 22.1
percent for Condominium homes. Months Supply of Inventory increased by 2.4
percent for single-family homes and 176.9 percent for Condominium
homes.


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-month 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
the market nationwide, down from 38 days the month before.

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