November 2023
Low inventory, elevated sales prices, and decades-high interest rates continue to
weigh on the housing market, causing sales of existing homes to fall to their slowest
pace since August 2010. According to the National Association of REALTORS®
(NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% yearover-
year as of last measure, as prospective buyers, faced with rising
homeownership costs, wait for mortgage rates, and home prices, to drop.
New Listings were up 22.7 percent to 1,162. Pending Sales increased 14.5 percent
to 929. Inventory grew 31.2 percent to 2,475 units.
Prices moved higher as Median Sales Price was up 3.0 percent to $267,865. Days
on Market increased 5.1 percent to 41 days. Months Supply of Inventory was up
43.8 percent to 2.3 months, indicating that supply increased relative to demand.
Inventory remains at historically low levels nationwide, with only 1.15 million homes
for sale heading into November, a 5.7% decline compared to the same time last
year, for a 3.6 months’ supply at the current sales pace. The shortage of available
properties for sale has kept pressure on home prices, which have continued to climb
despite the slowdown in sales. According to NAR, the U.S. median existing-home
sales price increased 3.4% from a year ago to $391,800, an all-time high for the
month, with annual price gains reported in all four regions of the country.
Information courtesy of CMLS*
