U.S. existing-home sales edged up 0.2% from the previous month to a seasonally adjusted annual rate of 4.02 million, according to the National Association of REALTORS® (NAR). Sales remained unchanged year-over-year. Regionally, existing-home sales rose in the Midwest and South, were flat in the Northeast, and declined in the West. Year-over-year, sales increased in the South, held steady in the West, and fell in the Northeast and Midwest.
New listings decreased 3.7% for residential homes and 13.1% for townhouse/condo homes. Pending sales decreased 0.8% for residential homes and 7.7% for townhouse/condo homes. Inventory increased 8.7% for residential homes and 7.6% for townhouse/condo homes.
Median sales price increased 7.4% to $343,800 for residential homes, but decreased 6.1% to $243,200 for townhouse/condo homes. Days on market decreased 3.7% for residential homes but increased 5.9% for townhouse/condo homes. Months supply of inventory increased 9.1% for residential homes and 15.6% for townhouse/condo homes.
National inventory climbed 5.8% month-over-month and 1.4% year-over-year, with approximately 1.47 million properties listed for sale heading into May, NAR reported. At the current sales pace, that represents a 4.4-month supply, reflecting a modest improvement in inventory conditions compared to a year earlier. Homes spent a median of 32 days on the market, down from 41 days the previous month, while the median existing-home price increased to $417,700, up 0.9% from a year ago.
ENCOMPASSING DATA FROM ST. LOUIS CITY AND COUNTY