Housing Market Update
Home sales across the U.S. slowed down in the past month, dropping 2.7% to an annual pace of 3.93 million homes sold. Compared to this time last year, sales stayed about the same. Sales were down in the Midwest, Northeast, and South, but actually went up in the West. Over the past year, sales dropped in the Northeast and West but increased in the South and Midwest.
Looking at home types:
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Sales of single-family homes (detached) fell 13.7%.
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Condos and townhomes (attached) dropped even more—down 17.3%.
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Pending sales (homes under contract) were up slightly for single-family homes but dropped sharply for condos and townhomes.
Prices are still rising in many areas:
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The median price for a single-family home rose 8.2% to $1,250,000.
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Condo/townhome prices dropped 5.2% to $720,000.
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Homes are taking longer to sell—over 40% longer for detached homes and over 36% longer for attached ones.
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The number of homes for sale is growing—up 9.4% for single-family homes and 27.6% for condos/townhomes.
Across the country, the typical home now costs $435,300, a 2% increase from last year and the highest monthly median price ever recorded. With fewer buyers jumping in, inventory has grown. There are now 1.53 million homes for sale, up 15.9% from last year—enough to last about 4.7 months at the current pace.
Please reach out to me for further updates and insights on the evolving housing market.
