New Listings, Inventory Continue to Grow as Existing-Home Sales Fall

By Helen Adams Realty - June 22, 2024

Canopy Realtor® Association Market Updates

Reprinted from May 2024 CRRA Monthly Indicators

U.S. existing-home sales fell for the second month in a row in May, 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 were up in the Charlotte region by 17.8% to 5,452. Pending Sales decreased 0.5% to 4,072. Inventory grew 37.2% to 7,439.

Prices moved higher as Median Sales Price was up 3.9% to $400,000. Months Supply of Homes for Sale was up 46.7% to 2.2., indicating that supply increased relative to demand.

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.

A Closer Look