Existing home sales declined nationwide for the eighth consecutive month, falling 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 decreased 32.5 percent for Single Family and 21.8 percent for Townhouse/Condo. Pending Sales decreased 41.3 percent for Single Family and 44.7 percent for Townhouse/Condo. Inventory increased 35.8 percent for Single Family and 71.7 percent for Townhouse/Condo. Median Sales Price increased 12.7 percent to $380,000 for Single Family
and 20.7 percent to $250,000 for Townhouse/Condo. Days on Market increased 76.5 percent for Single Family and 66.7 percent for Townhouse/Condo. Months Supply of Inventory increased 53.3 percent for Single Family and 88.9 percent for Townhouse/Condo.

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.