September 2024
U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a
seasonally adjusted annual rate of 3.86 million units, according to the National
Association of REALTORS® (NAR). Meanwhile, home prices have continued to
reach record heights nationwide, with NAR reporting a median sales price of
$416,700 as of last measure, a 3.1% increase from the same time last year and a
new high for the month.
New Listings were up 3.5 percent to 1,341. Pending Sales increased 4.5 percent to
1,037. Inventory grew 37.6 percent to 2,913 units.
Prices moved higher as Median Sales Price was up 5.5 percent to $274,198. Days
on Market increased 32.4 percent to 45 days, the twelfth consecutive month of yearover-
year gains. Months Supply of Inventory was up 35.0 percent to 2.7 months, the
twelfth consecutive month of year-over-year gains.
Amid slower home sales, inventory has continued to grow across the country.
According to NAR, there were 1.35 million units for sale heading into September, a
0.7% increase from the previous month and a 22.7% jump from the same time last
year. And while monthly existing-home sales were lower than expected this period,
NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with
lower mortgage rates, should help sales improve in the months ahead.
Information courtesy of CMLS*
