U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher
mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.

• New Listings were up 1.8 percent to 335.
• Pending Sales decreased 8.0 percent to 264.
• Inventory grew 30.3 percent to 989 units.
• Prices moved higher as Median Sales Price was up 4.7 percent to $286,400.
• Days on Market increased 24.5 percent to 66 days.
• Months Supply of Inventory was up 23.3 percent to 3.7 months, indicating that supply increased relative to demand.