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Existing-Home Sales Fall for Second Month in a Row
Local Market Update – May 2024
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.
New Listings in the Triangle Region increased 21.7 percent to 4,862. Under Contract Sales increased 1.3 percent to 3,605. Inventory increased 9.4 percent to 7,073. Median Sales Price decreased 1.2 percent from $410,000 to $405,000. Days on Market decreased 72.5 percent to 11. Months Supply of Inventory increased 14.3 percent to 2.4.
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.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County & Chapel Hill
Chatham County
For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.
*All data from Triangle Multiple Listing Service, Inc. ©2024
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