Latest Housing Statistics and Real Estate Market Trends.
WASHINGTON (October 23, 2024) – Existing-home sales declined in September, as reported by the National Association of REALTORS®. While three out of four major U.S. regions saw sales decreases, the West experienced an uptick. Compared to last year, sales fell in three regions, with growth observed in the West.
Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, decreased by 1.0% from August, reaching a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales dropped by 3.5%, down from 3.98 million in September 2023.
“Home sales have remained roughly around a four-million-unit pace for the past year, but conditions typically favorable for higher sales are starting to emerge,” said NAR Chief Economist Lawrence Yun. “There are more inventory options for buyers, mortgage rates are lower than a year ago, and job growth continues. However, some consumers may be hesitant to make significant purchases like a home before the upcoming election.”
At the end of September, total housing inventory stood at 1.39 million units, an increase of 1.5% from August and 23.0% from a year ago (1.13 million). Unsold inventory represents a 4.3-month supply at the current sales rate, up from 4.2 months in August and 3.4 months in September 2023.
“An increase in inventory is certainly beneficial for home buyers, as it provides more options before making a decision,” Yun stated. “However, the number of distressed properties remains low, with the mortgage delinquency rate at a very low level. Distressed sales accounted for just 2% of all transactions in September.”
The median existing-home price across all housing types in September was $404,500, a 3.0% increase from a year ago ($392,700), with all four U.S. regions seeing price rises.
“Moderate increases in home prices are good news for buyers,” Yun added. “With wage growth now outpacing home price appreciation, housing affordability is expected to improve.”