U.S. existing-home sales edged down 1.7% from the previous month to a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). Regionally, sales increased in the Northeast, held steady in the West, and declined in the Midwest and South. On a year-over-year basis, sales rose in the Midwest and West while remaining flat in the Northeast and South.
New listings decreased 1% for residential homes but increased 12.1% for townhouse/condo homes. Pending sales decreased 6.3% for residential homes and 2.5% for townhouse/condo homes. Inventory increased 13.2% for residential homes and 11.7% for townhouse/condo homes.
Median sales price increased 6.6% to $340,000 for residential homes and 2.1% to $220,000 for townhouse/condo homes. Days on market decreased 12.5% for residential homes but increased 4.8% for townhouse/condo homes. Months supply of inventory increased 13% for residential homes and 15.6% for townhouse/condo homes.
Nationally, the median existing-home sales price climbed to $431,400, as inventory remained at a 4.6-month supply at the current sales pace, NAR reported. Year-to-date sales are up 2.4%, reflecting stable demand even amid elevated mortgage rates. Homes are sitting on the market longer, and fewer buyers are bidding above asking price compared to a year earlier, though local market conditions vary widely.
ENCOMPASSING DATA FROM ST. LOUIS CITY AND COUNTY