Existing-home sales slipped 5.9% in March to a seasonally adjusted annual rate of 4.02 million. Sales slowed 2.4% from one year ago.

The median existing-home sales price climbed 2.7% from March 2024 to $403,700, an all-time high for the month of March and the 21st consecutive month of year-over-year price increases.

The inventory of unsold existing homes jumped 8.1% from the previous month to 1.33 million at the end of March, or the equivalent of 4.0 months’ supply at the current monthly sales pace.

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Source: National Association of REALTORS® 4/24/25

Existing-home sales advanced 4.2% in February to a seasonally adjusted annual rate of 4.26 million. Sales slipped 1.2% from one year ago.

The median existing-home sales price rose 3.8% from February 2024 to $398,400, the 20th consecutive month of year-over-year price increases.

The inventory of unsold existing homes climbed 5.1% from the prior month to 1.24 million at the end of February, or the equivalent of 3.5 months’ supply at the current monthly sales pace.

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Source: National Association of Realtors 3/20/25

January 2025 brought 4.08 million in sales, a median sales price of $396,900, and 3.5 months of inventory. The median sales price is up 4.8% year-over-year, and inventory was up 0.5 months from January 2024.

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Source: National Association of Realtors 2/21/25

December 2024 brought 4.24 million in sales, a median sales price of $404,400, and 3.3 months of inventory. The median sales price is up 9.3% year-over-year, and inventory was up 0.2 months from December 2023.

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Source: National Association of Realtors 1/24/25

Existing-home sales climbed 3.4% in October to a seasonally adjusted annual rate of 3.96 million. Sales advanced 2.9% from one year ago, the first year-over-year increase in more than three years (July 2021; +1.8%).

The median existing-home sales price ascended 4.0% from October 2023 to $407,200, the 16th consecutive month of year-over-year price gains.

The inventory of unsold existing homes edged higher by 0.7% from the prior month to 1.37 million at the end of October, or the equivalent of 4.2 months’ supply at the current monthly sales pace.

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Source: National Association of Realtors 11/21/24

Housing Inventory Continues to Increase This Fall

As fall progresses, housing inventory continues to grow across the U.S. – supported by an uptick in homes hitting the market.

The latest RE/MAX National Housing Report analyzed aggregated data from 52 markets – coast to coast – throughout September 2024. The countrywide intel revealed that new listings increased 9.7% from September 2023. It also revealed that housing inventory was up 6.4% from August 2024 and up a whopping 33.6% from September 2023.

The slowing of home sales is a partial reason for this growing quantity of available listings. Normal for the season, home sales in September dipped just over 13% from the previous month. In recent years, home sales similarly dipped from August to September, too.

Strong home prices in 2024 might be an intriguing factor for today’s sellers looking to make a move in the final quarter of the year. The RE/MAX report found the median sales price for September – $429,000 – was down just 1.4% from the month prior, but was up 4.6% from the year prior. September also marked the 15^th consecutive month where the median sales price was higher year-over-year.

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New Listings Pick Up, While Fewer Homes Sell and For Less

August’s new listings inched up 1.6% over the previous month after decreasing 9.4% in July and 5.2% in June. Up 7.9% year over year, new listings have remained above 2023 levels in seven of eight months year to date.

Meanwhile, home sales declined 3.3% from July across the 49 metro areas surveyed. Home sale transactions were also down 3.8% year over year – just the third month of 2024 thus far to trail 2023.
The median sales price dropped for the second consecutive month to $440,000, 1.1% below July but remained 3.5% higher than the $425,000 median recorded in August 2023. Overall, the median sales price has remained higher year over year for 14 consecutive months since June 2023.

Inventory continued to grow for the sixth consecutive month. It was up 2.4% from July and contributed to the 37.6% increase in homes for sale in August 2024 compared to August 2023.

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Home Sales Rise 3.8% While Prices Dip, Inventory Grows

July home sales rebounded 3.8% from June while the median sales price dropped for the first time this year across the 51 metro areas surveyed. The median price of $425,000 was $5,000 – or 1.2% – lower than June’s. Compared to one year ago, July home sales were up 6.7% and the median sales price increased 3.7%.

Inventory, meanwhile, was up 1.8% over June and 36.7% year over year. This happened despite a 9.4% decline in new listings from June, though new listings were up 7.1% from July 2023.

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Inventory Continues to Increase Amid Modest Median Price Growth and Home Sales Decline

June home sales declined 7.2% from May’s strong showing and were down 11.6% year over year – atypical considering June historically has more sales than May.

Across the 50 metro areas surveyed, inventory rose 6.7% from May and was up 38.1% over June 2023 – similar to May’s year-over-year increase of 39.6%. That equated to 2.1 Months Supply of Inventory compared to last June’s 1.4 months.

The median sales price of $431,000 was $6,000 (1.4%) higher than in May and $19,000 (4.6%) higher than in last June. On average, buyers paid 100% of the list price for the third month in a row following eight months of paying 98-99%.

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Inventory Jumped 40%, Home Prices Increased 5%, Sales Exceed 2023 Pace

In May, both inventory and new listings grew to levels not seen since the second half of 2022.  The number of homes for sale, as surveyed across 53 metro areas, also increased, rising 8.7% over April and 39.6% year over year. And for the third consecutive month, the number of new listings exceeded 2023 levels by double-digit percentages – 15.1% in May, 18.2% in April, and 17.6% in March.

Fueled by the 22-month high in new listings, May home sales grew 10.9% over April and 0.7% over last May. Monthly home sales in 2024 have now exceeded the 2023 monthly sales totals for four of the five months.

The Median Sale Price increased 2.4% over April to $435,000. That was 4.8% higher than May 2023. The close-to-list price ratio remained at the 100% level it reached in April following eight months at 99% or less.

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