January 2024
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
New Listings were up 9.5 percent for single family homes and 1.2 percent for Condo/TIC/Coop properties. Pending Sales increased 32.2 percent for single family homes and 47.2 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 15.2 percent to $1,575,000 for single family homes and 8.7 percent to $1,087,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 7.7 percent for single family units but was up 11.1 percent for Condo/TIC/Coop units.
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
Current as of February 11, 2024. All data from the San Francisco Association of REALTORS® MLS. Report InfoSparks © 2024 ShowingTime. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC.
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