U.S. existing home sales decreased by 2.5% month-over-month and 4.2% year-over-year, reaching a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Simultaneously, home prices have reached record highs across the nation. NAR reports a median sales price of $416,700, marking a 3.1% increase from the same time last year and establishing a new monthly record.
New listings decreased by 17.5% for single-family homes and 6.7% for condominiums. In contrast, pending sales rose significantly—by 52.1% for single-family homes and 10.6% for condominiums. Inventory also saw substantial growth, increasing by 46.3% for single-family homes and 206.1% for condominiums.
The median sales price for single-family homes rose by 8.8% to $1,408,287, while for condominiums, it increased by 27.1% to $990,000. Additionally, the days on the market increased by 12.4% for single-family homes and by 31.1% for condominiums. The months’ supply of inventory also grew, rising by 42.1% for single-family homes and 241.9% for condominiums.
Despite the slowdown in home sales, inventory continues to expand across the country. According to NAR, there were 1.35 million units for sale heading into September, reflecting a 0.7% increase from the previous month and a 22.7% jump from the same time last year. While monthly existing home sales fell short of expectations this period, NAR Chief Economist Lawrence Yun believes that the rising inventory, along with lower mortgage rates, should help improve sales in the months ahead.
