In September, U.S. housing inventory was up over 33% from the same time last year. Learn more about current market conditions – and what they mean for homebuyers and sellers – in the latest RE/MAX National Housing Report.
As fall progresses, housing inventory continues to grow across the U.S. – supported by an uptick in homes hitting the market.
The latest RE/MAX National Housing Report analyzed aggregated data from 52 markets – coast to coast – throughout September 2024. The countrywide intel revealed that new listings increased 9.7% from September 2023. It also revealed that housing inventory was up 6.4% from August 2024 and up a whopping 33.6% from September 2023.
The slowing of home sales is a partial reason for this growing quantity of available listings. Normal for the season, home sales in September dipped just over 13% from the previous month. In recent years, home sales similarly dipped from August to September, too.
“While we’re seeing a slight cooling in sales, it’s encouraging to note that home inventory has been steadily increasing, giving buyers more options in the market,” said Amy Lessinger, President of RE/MAX, LLC.
Strong home prices in 2024 might be an intriguing factor for today’s sellers looking to make a move in the final quarter of the year. The RE/MAX report found the median sales price for September – $429,000 – was down just 1.4% from the month prior, but was up 4.6% from the year prior. September also marked the 15th consecutive month where the median sales price was higher year-over-year.
With more inventory available to buyers this fall, it’s helpful for sellers to leverage the power of effective home staging – and ensure seasonal curb appeal is delivering the best first impression.
And as today’s homebuyers are preparing to make their purchase, they’re surely wondering how current economic and social factors – like fluctuating interest rates and potential impacts from the upcoming political election – may affect their transaction. When RE/MAX News recently highlighted prominent industry voices weighing in on these timely topics, it was widely agreed that lower rates could bring more buyers into the market.
“The consistency in sales prices and the fact that buyers are still paying 99% of asking price demonstrates the resiliency in today’s housing market,” Lessinger says. “Lower [interest] rates could generate some increased activity as we end 2024 and start 2025.”
Those looking to buy or sell a home can explore two useful RE/MAX resources:
Each guide helps those looking to enter the housing market make a strategic plan for a seamless process. For homebuying and home selling alike this season, it’s best to work with a trusted professional who brings experience and expertise to the table.
Ready to make a move? Connect with a local RE/MAX agent today.
Article originally appeared on RE/MAX.com.
