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a single story home on Dolphin Terrace, Newport Beach, CA.
a single story home on Dolphin Terrace, Newport Beach, CA.

October 2024 Real Estate Market Update: Trends and Insights

The U.S. real estate market continues to evolve, presenting a mix of challenges and opportunities for buyers and sellers alike. Here’s a closer look at the key trends shaping the market as of October 2024.

National Overview


U.S. existing-home sales experienced a slight decline, dropping 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million units. This marks the lowest sales level in over a decade, according to the National Association of REALTORS® (NAR). Despite lower mortgage rates and a greater selection of homes compared to last year, many prospective buyers have chosen to remain on the sidelines.

Property-Specific Trends

Single-Family Homes:

  • New Listings: Increased by 1.3%.
  • Pending Sales: Fell by 27.8%.
  • Inventory: Rose 16.7%.
  • Median Sales Price: Increased by 9.0%, reaching $1,145,000.
  • Days on Market: Lengthened by 12.0%.
  • Months Supply of Inventory: Expanded by 18.2%.

Townhouse-Condo Properties:

  • New Listings: Surged by 14.1%.
  • Pending Sales: Dropped by 32.7%.
  • Inventory: Grew by a striking 44.8%.
  • Median Sales Price: Rose 4.4% to $684,000.
  • Days on Market: Increased by 19.2%.
  • Months Supply of Inventory: Jumped by 45.0%.

Rising Inventory and Steady Price Growth

Heading into October, the number of homes for sale rose to 1.39 million units—a 1.5% increase from the previous month and a 23% jump from the same time last year. This translates to a 4.3-month supply at the current sales pace, offering buyers more options in the market.

Despite slower sales, home prices remain on an upward trajectory. The median existing-home price nationwide reached $404,500 in October, a 3% year-over-year increase. The resilience in pricing highlights continued demand in certain market segments, even as activity slows.

What This Means for Buyers and Sellers

For buyers, increasing inventory levels may provide more opportunities to find the perfect home, while potentially lower mortgage rates could ease financing costs. For sellers, the sustained price growth and heightened competition in certain property types underline the importance of strategic pricing and effective marketing.

As the market continues to shift, staying informed about these trends is essential. Whether you’re planning to buy or sell, understanding the current landscape can help you make the most of your opportunities.

For personalized insights into how these trends impact your local market, feel free to reach out. We’re here to guide you every step of the way!