San Francisco

U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.

New Listings were up 2.9 percent for single family homes but decreased 3.4 percent for Condo/TIC/Coop properties. Pending Sales increased 15.5 percent for single family homes and 27.6 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 2.8 percent to $1,625,000 for single family homes and 6.7 percent to $1,120,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 29.0 percent for single family units and 11.1 percent for Condo/TIC/Coop units.

Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.