Monthly Housing Indicators
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.
New Listings were down 7.8 percent to 653. Pending Sales decreased 9.0 percent to 445. Inventory grew 31.9 percent to 2,012 units.
Prices moved higher as Median Sales Price was up 1.3 percent to $310,000. Days on Market increased 18.2 percent to 65 days. Months Supply of Inventory was up 25.8 percent to 3.9 months, indicating that supply increased relative to demand.
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.
Housing Supply Overview
U.S. sales of new residential homes fell 4.7% month-over-month to a seasonally adjusted annual rate of 716,000 units, but were up 9.8% year-over-year, according to the U.S. Census Bureau. Economists polled
by Reuters had forecast new home sales to come in at 700,000 units for the month. Sales prices were also down as of last measure, with the median sales price of new homes coming in at $420,600 for the month,
a 4.6% decline from the same period last year. For the 12-month period spanning October 2023 through September 2024, Pending Sales in the Western Upstate Association of REALTORS® region rose 3.2 percent overall. The price range with the largest pending sales gain was the $500,001 to $750,000 range, where sales rose 18.5 percent.
The overall Median Sales Price went up 4.4 percent to $300,000. The property type with the largest gain was the Condos segment, where prices went up 10.2 percent to $242,495. The price range that tended to sell the quickest was the $150,000 and Below range at 51 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 82 days.
Market-wide, inventory levels increased 31.9 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale increased 90.3 percent. That amounts to 3.8 months of inventory for Single-Family Homes and 4.7 months of inventory for Condos.
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