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October 2024 Market Summary
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U.S. existing-home sales in October 2024 rose 5.5% from September and 5% from October 2023. Year over year, the median single-family-home sales price and median condo/co-op sales price were up 4.1% and 1.6% respectively.
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The number of listings for sale increased slightly from September, and jumped 19% from October 2023: In recent months, inventory has generally been running at its highest count in 4 years but remains far below pre-pandemic norms. Price reductions in October were up 17% year-over-year.
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Approximately 59% of sales went into contract in less than 1 month (vs. 66% in 10/23), 19% sold over list price (vs. 28% in 10/23), and 27% of buyers purchased all-cash. The median days-on-market to acceptance of offer was 29 days (vs. 23 days last year), and sold listings received an average of 2.5 offers. In the last 3 months, 15% of contracts saw delays in scheduled close of escrow (half due to appraisal issues), and 5% were terminated before completion of sale.
As of November 21st, 30-year conforming mortgage interest rates were slightly below 7%, about 3/4 point above early October’s. Stock markets remain close to historic highs, inflation ticked up slightly, the Fed dropped their benchmark rate another quarter percent, and consumer confidence hit its highest reading in 6 months. These economic indicators may impact different market segments differently depending on whether interest rates or stock values most affect their buyers.
In most regions, December is the slowest market of the year in both new-listing and sales activity – “snowbird” markets sometimes buck this trend – but homes are still listed for sale and deals continue to be made in markets across the country. This is typically the period in which buyers can negotiate most aggressively on unsold listings with longer days-on-market.
Posted by Charla Housson on
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