Title: Existing Homes Market: Declining Sales, Rising Inventories, and Increasing Prices

The existing homes market has been experiencing significant changes in recent months, as evidenced by the latest data. In this blog post, we'll delve into the key metrics and discuss what they mean for buyers and sellers.

Existing home sales have declined by 1.9% compared to both the previous month and the same period last year. This decrease in sales suggests that demand for existing homes may be slowing down, possibly due to factors such as rising prices, economic uncertainty, or changes in consumer preferences.

Despite the decline in sales, housing inventory for existing homes has increased substantially, with a 9.0% monthly increase and a 16.3% annual increase. This growth in inventory indicates that more homeowners are putting their properties on the market, perhaps in response to the rising prices or changing market conditions.

Surprisingly, the median sales price of existing homes has continued to rise, despite the decline in sales and increase in inventory. The data shows a 3.7% monthly increase and a 5.7% annual increase in median sales prices. This suggests that while demand may be slowing, prices have not yet been significantly impacted, possibly due to factors such as  still-competitive market in certain areas.

One of the most important metrics for buyers is the Months Supply, which represents the number of months it would take to sell the current inventory at the current sales rate. The data reveals that Months Supply has increased by 9.4% compared to the previous month and by 16.7% compared to the same period last year. This increase suggests that buyers may have more options and potentially better negotiating power, as there is a larger supply of homes available relative to the current sales pace.

In conclusion, the existing homes market is undergoing significant changes, with declining sales, rising inventories, and increasing prices. While the market may be becoming more favorable for buyers in terms of available options, the continued price increases may still present challenges for affordability. As always, it's essential for both buyers and sellers to stay informed about market conditions and work with experienced real estate professionals to navigate these changes successfully.