San Francisco

U.S. existing-home sales climbed 1.5% month-over-month and 4.1% year-over-year, reaching a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than a year. Regionally, monthly sales advanced in the Northeast, South, and West, while the Midwest experienced a slight decline.

New Listings were down 1.9 percent for single family homes and 12.7 percent for Condo/TIC/Coop properties. Pending Sales increased 2.7 percent for single family homes and 65.2 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 5.7 percent to $1,850,000 for single family homes but decreased 4.1 percent to $1,198,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 38.1 percent for single family units and 46.2 percent for Condo/TIC/Coop units.

Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14.0% higher than the same period last year. This represents a 4.6-month supply at the current sales pace, according to NAR. The median existing-home price grew 2.1% year-over-year to $415,200, continuing the trend of annual price gains. The Midwest saw the largest year-over-year increase in median sales price, followed by the Northeast and South, while prices remained mostly flat in the West.