San Francisco

U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.

New Listings were down 7.0 percent for single family homes and 2.2 percent for Condo/TIC/Coop properties. Pending Sales increased 4.9 percent for single family homes and 19.0 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 1.6 percent to $1,600,000 for single family homes but decreased 1.1 percent to $1,102,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 29.4 percent for single family units and 15.0 percent for Condo/TIC/Coop units.

The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.