In October, home sales significantly rose from the month and year prior, according to data from the RE/MAX National Housing Report. Find answers to pressing questions pertaining to the latest U.S. housing data.
Across the U.S., home sales continue to rise this fall.
According to the latest RE/MAX National Housing Report, an analysis of aggregated U.S. housing data from 52 markets surveyed, in October 2024 home sales were up 6.7% from September 2024 and up 8.4% from October 2023. For comparison, the September-to-October jump in 2023 saw a 4.6% decline in sales.
In 2024 so far, home sales have exceeded 2023 levels in six of 10 months.
“October brought some encouraging momentum,” says Amy Lessinger, President of RE/MAX. “Buyers took advantage of lower mortgage rates and closed deals. Although rising inventory levels are still falling short of demand, it’s great to see motivated buyers moving forward and achieving homeownership.”
Curious what else is happening in housing? Check out answers to common questions about recent market conditions:
Are more homes hitting the market this season?
Newly listed homes were down in October from the previous month by 0.7%, but they were still 14.8% higher than October 2023. And new listings are only a portion of the homes on the market that buyers can choose from.
In October, active inventory – meaning the total number of homes for sale, including those carrying over from months prior – inched up 0.6% from the previous month, but was up a whopping 28.4% from the same time last year. Data indicates that homebuyers shopping for a new place to live have had more options to choose from this fall compared to last.
Are home prices getting pricier?
Home prices were up from September to October this fall – and they continue to top those of 2023. Based on surveyed markets, the median sales price in October was $430,000, which was 0.3% higher from September. The median sales price has ticked upward for 16 months in a row and is now 4.9% higher than October of last year.
Another noteworthy mention: Homebuyers paid 99% of asking price in October, which was on par with both the previous month and year.
How long are homes spending on the market before selling these days?
In October, homes spent an average of 42 days on market across the U.S. This was two days longer than September and six days longer than a year ago.
Of course, this can depend on where you live. In places like Baltimore, Maryland, and Washington, D.C., for example, homes were spending less than 16 days on market. But in places like Coeur d’Alene, Idaho, and Fayetteville, Arkansas, homes were spending more than 77 days on market.
National data can help paint the full picture of current housing trends on a broader scale. But it’s also helpful to understand how local conditions may impact your unique transaction. Check out the full RE/MAX report for a market-by-market breakdown of metro areas.
Ready to buy or sell a home? Get in touch with a local RE/MAX agent today.
Article originally appeared on RE/MAX.com.
