San Francisco

U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-over-year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down month-over-month in all four regions, with the West experiencing the largest decline, at 9.4%.

New Listings were up 3.8 percent for single family homes but decreased 3.3 percent for Condo/TIC/Coop properties. Pending Sales increased 6.9 percent for single family homes and 7.3 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 0.6 percent to $1,760,000 for single family homes but increased 7.1 percent to $1,172,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 15.0 percent for single family units and 14.6 percent for Condo/TIC/Coop units.

Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% year-over-year to \$403,700 as of last measure.