RE/MAX NATIONAL HOUSING REPORT FOR OCTOBER 2024

In This Article:

Home Sales Were Unseasonably Strong While Inventory Climbed

DENVER, Nov. 14, 2024 /PRNewswire/ -- October home sales bucked seasonal trends and posted a 6.7% increase over September and were 8.4% higher year-over-year. Year to date, 2024 home sales have exceeded 2023 levels in six of 10 months.

www.remax.com (PRNewsfoto/RE/MAX, LLC)
www.remax.com (PRNewsfoto/RE/MAX, LLC)

Though new listings were down 0.7% from September, they were 14.8% higher than October 2023. October's active inventory grew just 0.6% from September – the lowest month-to-month increase since February – but was much higher, up 28.4%, year over year.

October's median sale price increased just 0.3% from September – and for the 16th consecutive month, experienced a year-over-year increase, climbing 4.9% higher than October 2023 ($410,000 to $430,000).

"October brought some encouraging momentum," said RE/MAX, LLC President Amy Lessinger. "Buyers took advantage of lower mortgage rates and closed deals. Although rising inventory levels are still falling short of demand, it's great to see motivated buyers moving forward and achieving homeownership."

Of the 52 metro markets surveyed, San Antonio, Texas experienced one of the largest year-over-year increases in home sales – jumping 24.6%. RE/MAX Unlimited Broker Associate Sara Briseño Gerrish said the market also saw an increase in inventory. "It would make sense that as we move towards a more balanced market, and we are experiencing stable prices, we would also see increased sales. San Antonio is still the most affordable metropolitan area in Texas."

Other metrics of note:

  • Days on Market grew by two days over September to 42 days, which was six days longer than October 2023.

  • Months' Supply of Inventory totaled 2.6 in October, down from 2.7 in September and up from 2.3 in October 2023.

  • Buyers paid 99% of the asking price in October, same as both September 2024 and October 2023.

Highlights and local market results for October include:

New Listings 
In the 52 metro areas surveyed in October 2024, the number of newly listed homes was down 0.7% compared to September 2024 and up 14.8% compared to October 2023. The markets with the biggest increase in year-over-year new listings percentage were Las Vegas, NV at +40.1%, Phoenix, AZ at +38.5%, and Bozeman, MT at +37.3%. The markets with the biggest year-over-year decrease in new listings percentage were Tampa, FL at -42.4%, San Francisco, CA at -9.1%, and Manchester, NH at -2.1%.

New Listings:
5 Markets with the Biggest YoY Increase

Market

Oct 2024

Oct 2023

Year-over-Year % Change

Las Vegas, NV

4,303

3,072

+40.1 %

Phoenix, AZ

9,415

6,800

+38.5 %

Bozeman, MT

210

153

+37.3 %

Denver, CO

4,663

3,422

+36.3 %

Kansas City, MO

3,612

2,670

+35.3 %

Closed Transactions
Of the 52 metro areas surveyed in October 2024, the overall number of home sales was up 6.7% compared to September 2024, and up 8.4% compared to October 2023. The markets with the biggest increase in year-over-year sales percentages were Seattle, WA at +27.4%, San Antonio, TX at +24.6%, and Denver, CO at +22.9%. The markets with the biggest decrease in year-over-year sales percentage were Tampa, FL at -15.7%, Miami, FL at -10.0%, and Orlando, FL at -9.3%.

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