Housing Market Update:
Great news for the housing market! U.S. existing-home sales have seen a remarkable upturn for the second consecutive month. According to the latest report from the National Association of REALTORS®(NAR), sales soared by 9.5% to reach a seasonally adjusted annual rate of 4.38 million units. This surge surpassed economists' expectations, marking the most substantial monthly gain in a year.
What's driving this impressive momentum? Despite fluctuating mortgage rates and rising sales prices, buyer demand remains strong as we head into the spring selling season.
Here's a snapshot of the latest data:
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Closed Sales: While detached home sales decreased by 18.3%, attached home sales dipped by 7.3%.
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Pending Sales: Detached home sales experienced a 4.0% increase, while attached home sales saw an 8.5% decrease.
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Median Sales Price: There's been a significant uptick, with detached homes rising by 18.0% to $1,180,351 and attached homes by 7.9% to $749,995.
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Days on Market: Homes are selling faster, with a decrease of 30.6% for detached homes and 26.7% for attached homes.
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Supply: While detached home supply decreased by 11.1%, attached home supply increased by 7.7%.
This surge in sales can be attributed to a combination of lower mortgage rates in December and a nationwide increase in housing supply. NAR reports a 5.9% month-over-month and 10.3% year-over-year growth in total inventory, amounting to 1.07 million units. However, this still translates to a tight market, with a 2.9 months' supply at the current sales pace.
Despite these challenges, buyer demand remains robust, propelling the median existing-home sales price up by 5.7% year-over-year to $384,500. This marks the eighth consecutive month of annual price increases, highlighting the resilience of the housing market.
Contact me for further updates and insights on the evolving housing market.