June 2023

Temperatures are heating up, yet the U.S. housing market remains cooler than usual
for this time of year due to a combination of low inventory and higher borrowing
costs, which have restricted market activity going into the summer homebuying
season. According to the latest data from the National Association of REALTORS®
(NAR), national existing-home sales climbed 0.2% from the previous month but were
down 20.4% compared to the same time last year, as fluctuating mortgage rates
and a near all-time low level of inventory continues to influence home sales.

New Listings were down 17.3 percent to 1,592. Pending Sales decreased 0.4
percent to 1,315. Inventory grew 8.6 percent to 1,891 units.

Prices moved lower as Median Sales Price was down 0.4 percent to $279,000. Days
on Market increased 85.7 percent to 39 days. Months Supply of Inventory was up
30.8 percent to 1.7 months, indicating that supply increased relative to demand.

Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-
month’s supply at the current sales pace. The shortage of homes for sale has kept
prices high for remaining buyers, with a national median sales price of $396,100 as
of last measure, a 3.1% decline from the same time last year and the largest annual
decrease since December 2011, according to NAR. As demand continues to
outpace supply, properties are selling quickly, with the majority of homes listed for
sale on the market for less than a month.

Information courtesy of CMLS*