September 2024 Market Update

U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.

• Single Family Closed Sales were down 6.5 percent to 4,739.

• Townhouse-Condo Closed Sales were down 4.5 percent to 1,675.

• Adult Communities Closed Sales were down 14.6 percent to 542.

• Single Family Median Sales Price increased 8.5 percent to $575,000.

• Townhouse-Condo Median Sales Price increased 5.0 percent to $419,450.

• Adult Communities Median Sales Price increased 9.9 percent to $368,000.

Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.