Existing home sales declined nationwide for the eighth consecutive month, falling Closed Sales 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.
New Listings were down 13.3 percent for single-family homes and 8.5 percent for condominium properties. Closed Sales decreased 33.0 percent for single-family homes and 37.0 percent for condominium properties. The Median Sales Price was up 12.6 percent to $720,500 for single-family homes and 14.8 percent to $477,000 for condominium properties. Months Supply of Inventory increased 46.7 percent for single-family units and 11.8 percent for condominium units.
The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.
Nichole Willey & Team are your local real estate experts on Cape Cod & the South Shore! Whether you are looking to buy, sell, invest, or rent- we have a team of passionate, local professionals waiting to help make your real estate goals a reality. Contact us today!