October 2024 Monthly Statistics

U.S. existing-home sales unexpectedly dropped by 1.0% month-over-month and 3.5% year-over-year, reaching a seasonally adjusted annual rate of 3.84 million— the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Despite lower mortgage rates and more home options compared to last year, prospective buyers have been pulling back in recent months.

New listings decreased by 4.8% for single-family homes but rose by 13.0% for condominiums. Pending sales increased by 24.0% for single-family homes and 3.1% for condominiums. Inventory saw significant growth, with a 36.2% increase for single-family homes and 168.1% for condominiums.

The median sales price rose by 2.4% to $1,300,000 for single-family homes and 9.2% to $892,500 for condominiums. Days on the market decreased by 1.6% for single-family homes but increased by 24.8% for condominiums. The months’ supply of inventory grew by 30.0% for single-family homes and 200.0% for condominiums.

Heading into October, there were 1.39 million homes for sale, a 1.5% increase from the previous month and a 23% increase from the same time last year. This resulted in a 4.3-month supply at the current sales pace, according to NAR. Despite slower sales, home prices have continued to rise nationwide, with NAR reporting a median existing home price of $404,500— a 3% increase from one year ago.

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