U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
In San Francisco, new listings were up 6.5% for single-family homes and 22.5% for Condo/TIC/Coop properties. Pending sales increased 15.3% for single-family homes and 23.2% for Condo/TIC/Co-op properties.
The Median Sales Price was up 1.8% to $1,680,000 for single-family homes and 8.2% to $1,150,000 for Condo/TIC/Co-op properties. Months Supply of Inventory decreased 9.5% for single-family units but was up 12.5% for Condo/TIC/Coop units.
Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.
