May 2023
Existing-home sales slid for the second consecutive month, falling 3.4% nationwide
as of last measure, according to the National Association of REALTORS® (NAR), as
higher interest rates continue to impact buyer affordability. Sales are down 23%
compared to the same period a year ago, while contract signings dropped 20.3%
year-over-year. With sales cooling, buyers in some parts of the country have found
relief in the form of declining sales prices, which are down 1.7% year-over-year
nationally, although more affordable markets continue to see price gains.
New Listings were down 8.1 percent to 1,462. Pending Sales decreased 0.7 percent
to 1,364. Inventory grew 32.1 percent to 1,709 units.
Prices moved higher as Median Sales Price was up 0.4 percent to $270,981. Days
on Market increased 90.5 percent to 40 days. Months Supply of Inventory was up
50.0 percent to 1.5 months, indicating that supply increased relative to demand.
While fluctuating interest rates have pushed some buyers to the sidelines, a
shortage of inventory is also to blame for lower-than-average home sales this time
of year, as current homeowners, many of whom locked in mortgage rates several
percentage points below today’s current rates are delaying the decision to sell until
market conditions improve. With only 2.9 months’ supply heading into May,
available homes are moving fast, with the typical
Information courtesy of CMLS*
