Housing Supply Overview
U.S. pending home sales dipped 0.8% month-over-month and 0.4% year-over-year, according to the National Association of REALTORS®, with the decline attributed to low housing inventory. Regionally, monthly contract signings rose in the Midwest and West but fell in the South and Northeast. On a year-over-year basis, contracts increased in the South and West but declined in the Northeast and Midwest. For the 12-month period spanning March 2025 through February 2026, Pending Sales in the Western Upstate Association of REALTORS® region increased 2.9 percent overall. The price range with the largest pending sales gain was the $750,001 to $1,000,000 range, where sales improved 11.5 percent.
The overall Median Sales Price increased 1.6 percent to $310,000. The property type with the largest gain was the Single-Family Homes segment, where prices were up 1.8 percent to $316,900. The price range that tended to sell the quickest was the $150,000 and Below range at 63 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 91 days.
Market-wide, inventory levels was up 44.5 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale improved 56.8 percent. That amounts to 4.4 months of inventory for Single-Family Homes and 5.3 months of inventory for Condos.
Monthly Indicators
Despite improving affordability conditions, U.S. existing-home sales declined 8.4% to a seasonally adjusted annual rate of 3.91 million, a 4.4% drop from one year earlier, according to the National Association of REALTORS® (NAR). The slowdown followed a 5.1% increase the previous month and modest gains throughout the fall. Sales retreated month-over-month and year-over-year in all four regions.
New Listings were up 8.8 percent to 754. Pending Sales decreased 36.2 percent to 335. Inventory grew 44.5 percent to 2,339 units.
Median Sales Price was down 2.3 percent to $297,900. Days on Market increased 26.3 percent to 96 days. Months Supply of Inventory was up 40.6 percent to 4.5 months.
Nationally, the median existing-home price inched up 0.9% year-over-year to $396,800, a new high for the month, NAR reported. Home prices have continued to rise across much of the country, in part due to low supply, which remains below pre pandemic levels. Total housing inventory stood at 1.22 million units as of the most recent reading, up 3.4% from one year earlier, representing a 3.7-month supply at the current sales pace.
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