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
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 15th consecutive month where the median sales price was higher year-over-year.
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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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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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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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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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April, the gateway to what are traditionally the busiest months for home sales, has set the stage nicely with closings increasing 11.2% over March and 9.0% over last April. Sales have increased month over month since February.
At the same time, new listings climbed 6.3% month over month and 18.2% over last year across the 50 metro areas surveyed. That, in turn, boosted the number of homes for sale by 6.3% over March and a whopping 28.8% compared to last April.
The Median Sale Price increased 2.9% over March to $437,000. This is the highest price in over two years and was fueled by buyers’ willingness to pay 100% of the list price, compared to 99% last month and last April.
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Home sales in March increased 21.6% over February while trailing the March activity of a year ago. At the same time, a 20.9% surge in new listings during the month fueled a substantial 7.7% expansion in inventory.
The inventory gains helped expand the supply of homes for sale by 24.2% year over year, setting the stage for the customary peak homebuying season of May and June.
Up 5.1% year over year, the Median Sale Price increased 1.5% from February – the third monthly increase in a row – and returned to $415,000, a figure it last reached last September.
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With the annual spring homebuying season coming quickly, home sales ramped up in February and spiked 17.0% from January, with a 2.3% increase from February 2023. Of those sales, buyers paid more. The median home price of $412,000 rose 2.1% from January – and 7.0% year over year. The $27,000 increase from February 2023 reflected that buyers on average were willing to pay 99% of the listing price.
In a third of the markets of the 50 metros areas surveyed, buyers on average paid 98% or less, while in a quarter of the markets the average buyer paid 100% or more. At the current median sales price, 1% is equivalent to approximately $4,000.
Meanwhile, inventory held relatively steady and dropped just 0.6% from January. Months supply of inventory (1.9) declined slightly from January’s 2.1, but was up from last February’s 1.6, and the number of homes for sale was 10.8% higher than a year ago.
In another indicator of increased demand, homes took an average of 44 days to sell in February – two days faster than January and one day faster than February 2023.
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