October 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 9.1 percent to 1,488. Pending Sales increased 14.8 percent to
1,117. Inventory grew 33.3 percent to 2,988 units.
Prices moved higher as Median Sales Price was up 1.0 percent to $272,750. Days
on Market increased 25.7 percent to 44 days, the twelfth consecutive month of yearover-
year gains. Months Supply of Inventory was up 28.6 percent to 2.7 months, the
twelfth consecutive month of year-over-year gains.
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.
Information courtesy of CMLS*
