What's Happening In The Market?
November Updates
Please note: this SFAR data is for Oct 2024
U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
New Listings were up 7.3 percent for single family homes and 5.8 percent for Condo/TIC/Coop properties. Pending Sales increased 28.1 percent for single family homes and 35.5 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 6.1 percent to $1,750,000 for single family homes and 8.2 percent to $1,249,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 34.5 percent for single family units and 14.5 percent for Condo/TIC/Coop units.
There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
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