September 2024 Market Update
U.S. existing-home sales declined 2.5% from the previous month and 4.2% year-over-year, reaching a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Despite slower sales, home prices continue to climb, with the median sales price hitting a record $416,700—an increase of 3.1% compared to last year, marking a new high for September.
In terms of new listings, there was a 2.7% drop for single-family homes, while townhouse-condo homes saw a notable 9.0% increase. Pending sales were down significantly, decreasing 33.6% for single-family homes and 35.3% for townhouse-condo properties. Meanwhile, inventory surged, rising 20.5% for single-family homes and 48.7% for townhouse-condo homes.
The median sales price for single-family homes jumped 5.6% to $1,125,000, while townhouse-condo prices fell 1.3% to $668,263. Days on market also rose, up 8.3% for single-family homes and 7.7% for townhouse-condo properties. The months supply of inventory increased 22.7% for single-family homes and 52.6% for townhouse-condo homes.
As home sales slow, inventory levels have continued to rise across the country. NAR reported 1.35 million units available for sale going into September, reflecting a 0.7% increase from the prior month and a 22.7% rise from a year ago. Although existing-home sales remain lower than expected, NAR Chief Economist Lawrence Yun suggests that increased inventory, combined with lower mortgage rates, could spur a rebound in sales in the coming months.