Existing-home Sales Fall as Demand Outpaces Supply

Local Market Update – April 2024

U.S. existing-home sales recently fell from a one-year high, dropping 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 as of last measure, a 4.8% increase from the previous month, according to NAR.

New Listings in the Triangle Region increased 22.4 percent to 4,607. Under Contract Sales increased 4.7 percent to 3,684. Inventory decreased 1.8 percent to 6,327. Median Sales Price increased 2.5 percent from $400,000 to $410,000. Days on Market decreased 58.5 percent to 17. Months Supply of Inventory were dead even with last year.

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.