The U.S. National Market

U.S. Existing-home sales recently fell from a one-year high, dropped 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 of last measure, a 4.8% increase from the previous month, according to NAR.

• New listings increased 35.4 percent for Single Family homes and 43.1 percent for Townhouse-Condo homes.
• Pending Sales increased 12.1 percent for Single Family homes and 41.2 percent for Townhouse-Condo homes.
• Inventory increased 48.1 percent for Single Family homes and 77.5 percent for Townhouse-Condo homes.

Months’ Supply of Inventory Increases

Months’ Supply of Inventory increased 50.0 percent for Single Family homes and 75.0 percent for Townhouse-Condo homes.

Median Sales Price Increases

Median Sales Price increased 0.7 percent to $255,000 for Single Family homes and 19.2 percent to $180,000 for Townhouse-Condo homes.

Average Days on Market Remains Flat

Days on Market remained flat for Single Family homes but increased 21.1 percent for Townhouse-Condo homes.

Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.

Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2024/05/Apr_2024_MLS_Report.pdf