U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-over-year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down month-over-month in all four regions, with the West experiencing the largest decline, at 9.4%.
New listings increased 1% for residential homes and 28.8% for townhouse/condo homes. Pending sales decreased 5% for residential homes but increased 13.3% for townhouse/condo homes. Inventory increased 8.3% for residential homes and 57.1% for townhouse/condo homes.
Median sales price increased 8.5% to $295,000 for residential homes but remained flat for townhouse/condo homes. Days on market remained flat for residential homes but increased 70.8% for townhouse/condo properties. Months supply of inventory increased 13.3% for residential homes and 61.1% for townhouse/condo homes.
According to NAR, total housing inventory increased 8.1% month-over-month to 1.33 million units heading into April, equivalent to a 4-month supply at the current sales pace. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% year-over-year to $403,700 as of the last measure.
ENCOMPASSING DATA FROM ST. LOUIS CITY AND COUNTY