Existing home sales rose 1.7% to a 4.09 million-unit annual rate, exceeding economists’ expectations despite tight supply constraints.
Median existing home prices increased modestly 0.3% year-over-year to $398,000, reflecting slower appreciation and improving affordability.
Housing inventory grew 4.9% from last year to 1.29 million units, providing slightly more options but remaining below pre-pandemic levels.
First-time buyers accounted for 34% of sales, with median days on market rising to 47, indicating moderate competition and market stabilization.