U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR. New Listings in the City of Chicago were down 21.9 percent for detached homes and 36.7 percent for attached properties. Listings Under Contract decreased 17.5 percent for detached homes and 32.4 percent for attached properties. The Median Sales Price was down 15.7 percent to $295,000 for detached homes but was up 0.3 percent to $380,000 for attached properties. Months Supply of Inventory increased 25.1 percent for detached units but decreased 4.8 percent for attached units. Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
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