Sales of homes priced over $1 million increased 16% compared with a year ago. There is no shortage of hopeful, potential buyers. Unsold inventory sits at a 2.7-month supply at the current sales pace, down from 3.0 months in August and down from the 4.0-month figure recorded in September 2019. Sales of homes priced between $100,000 and $250,000 fell 29% year over year, while sales of those priced between $500,000 and $750,000 rose 19%. Total existing-home sales, completed transactions that include single-family homes, townhomes. That median is skewed higher because sales continue to be more robust on the higher end of the market, where the supply is stronger. The median price of an existing home sold in April was $391,200, the highest on record and an increase of 14.8% from a year ago. Tight supply kept home prices higher, despite rising interest rates. At the current sales pace that represents a 2.2-month supply. Inventory at the end of April stood at 1.03 million homes for sale, which is down 10.4% from April 2021. Existing homes sales rose 2 last month from June to a seasonally-adjusted annual rate of 5.99 million units, the National Association of Realtors said Monday. Not only were buyers contending with rising rates, but they saw very little relief in the shortage of homes for sale. homes rose for the second consecutive month in July, though only modestly from a year ago, suggesting the red-hot housing market may be cooling a little. "We are moving back to pre-pandemic sales activity, but I expect further declines," said Lawrence Yun, chief economist for NAR, citing that rates are now higher than they were when these contracts were signed.
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