Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production – the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago – but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.
New listings increased 7.9 percent for Single Family homes but decreased 8.1 percent for Townhouse-Condo homes. Pending Sales increased 0.5 percent for Single Family homes but decreased 8.1 percent for Townhouse-Condo homes.
Inventory decreased 2.8 percent for Single Family homes and 35.7 percent for Townhouse-Condo homes.
Median Sales Price increased 11.4 percent to $240,000 for Single Family homes and 2.9 percent to $175,500 for Townhouse-Condo homes.
Days on Market decreased 18.2 percent for Single Family homes and 64.1 percent for TownhouseCondo homes.
Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest ratein more than 3 years.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
