Monthly Housing Indicators
U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
New Listings were down 21.0 percent to 624. Pending Sales decreased 12.2 percent to 433. Inventory grew 18.0 percent to 1,943 units.
Prices moved higher as Median Sales Price was up 7.2 percent to $311,000. Days on Market increased 16.4 percent to 64 days. Months Supply of Inventory was up 15.2 percent to 3.8 months, indicating that supply increased relative to demand.
There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
Housing Supply Overview
U.S. new-home sales climbed 4.1% month-over-month and 6.3% year-over-year to a seasonally adjusted annual rate of 738,000 units, according to the U.S. Census Bureau. The latest reading exceeded economists’ expectations for the month and marks the highest level of new-home sales since May 2023. The national median new-home sales price remained virtually unchanged from the same time last year, at $426,300. For the 12-month period spanning November 2023 through October 2024, Pending Sales in the Western Upstate Association of REALTORS® region rose 1.6 percent overall. The price range with the largest pending sales gain was the $350,001 to $500,000 range, where sales increased 20.3 percent.
The overall Median Sales Price went up 4.7 percent to $302,500. The property type with the largest gain was the Condos segment, where prices rose 8.3 percent to $240,990. The price range that tended to sell the quickest was the $150,000 and Below range at 50 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 85 days.
Market-wide, inventory levels was up 18.0 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale rose 46.9 percent. That amounts to 3.7 months of inventory for Single-Family Homes and 4.5 months of inventory for Condos.
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