RE/MAX NATIONAL HOUSING REPORT FOR OCTOBER 2024

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Home Sales Were Unseasonably Strong While Inventory Climbed

October home sales bucked seasonal trends and posted a 6.7% increase over September and were 8.4% higher year-over-year. Year to date, 2024 home sales have exceeded 2023 levels in six of 10 months.

Though new listings were down 0.7% from September, they were 14.8% higher than October 2023. October’s active inventory grew just 0.6% from September – the lowest month-to-month increase since February – but was much higher, up 28.4%, year over year.

October’s median sale price increased just 0.3% from September – and for the 16th consecutive month, experienced a year-over-year increase, climbing 4.9% higher than October 2023 ($410,000 to $430,000).

“October brought some encouraging momentum,” said RE/MAX, LLC President Amy Lessinger. “Buyers took advantage of lower mortgage rates and closed deals. Although rising inventory levels are still falling short of demand, it’s great to see motivated buyers moving forward and achieving homeownership.”

Of the 52 metro markets surveyed, San Antonio, Texas experienced one of the largest year-over-year increases in home sales – jumping 24.6%. RE/MAX Unlimited Broker Associate Sara Briseño Gerrish said the market also saw an increase in inventory. “It would make sense that as we move towards a more balanced market, and we are experiencing stable prices, we would also see increased sales. San Antonio is still the most affordable metropolitan area in Texas.”

Other metrics of note:

• Days on Market grew by two days over September to 42 days, which was six days longer than October 2023.
• Months’ Supply of Inventory totaled 2.6 in October, down from 2.7 in September and up from 2.3 in October 2023.
• Buyers paid 99% of the asking price in October, same as both September 2024 and October 2023.

Highlights and local market results for October include: 

New Listings 
In the 52 metro areas surveyed in October 2024, the number of newly listed homes was down 0.7% compared to September 2024 and up 14.8% compared to October 2023. The markets with the biggest increase in year-over-year new listings percentage were Las Vegas, NV at +40.1%, Phoenix, AZ at +38.5%, and Bozeman, MT at +37.3%. The markets with the biggest year-over-year decrease in new listings percentage were Tampa, FL at -42.4%, San Francisco, CA at -9.1%, and Manchester, NH at -2.1%.

Closed Transactions
Of the 52 metro areas surveyed in October 2024, the overall number of home sales was up 6.7% compared to September 2024, and up 8.4% compared to October 2023. The markets with the biggest increase in year-over-year sales percentages were Seattle, WA at +27.4%, San Antonio, TX at +24.6%, and Denver, CO at +22.9%. The markets with the biggest decrease in year-over-year sales percentage were Tampa, FL at -15.7%, Miami, FL at -10.0%, and Orlando, FL at -9.3%.

Median Sales Price – Median of 52 metro area prices
In October 2024, the median of all 52 metro area sales prices was $430,000, up 0.3% compared to September 2024, and up 4.9% from October 2023. The markets with the biggest year-over-year increase in median sales price were Dover, DE at +15.7%, Milwaukee, WI at +12.1%, and St. Louis, MO at +11.3%. The markets with the biggest year-over-year decrease in median sales price were Coeur d’Alene, ID at -2.1% followed by San Antonio, TX and Tulsa, OK, tied at -1.9%. 

Close-to-List Price Ratio – Average of 52 metro area prices
In October 2024, the average close-to-list price ratio of all 52 metro areas in the report was 99%, the same as in both September 2024 and October 2023. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were Miami, FL at 94.0%, Coeur d’Alene, ID at 96.0% and Bozeman, MT at 96.5%. The metro areas with the highest close-to-list price ratios were San Francisco, CA at 103.5%, Hartford, CT at 102.3%, and Trenton, NJ at 102.1%.

Days on Market – Average of 52 metro areas
The average days on market for homes sold in October 2024 was 42, up two days compared to the average in September 2024, and up six days compared to October 2023. The metro areas with the highest days on market averages were in Coeur d’Alene, ID at 81, Fayetteville, AR at 77, and San Antonio, TX at 72. The lowest days on market were Baltimore, MD at 15, Washington, D.C. at 16, and Trenton, NJ at 17. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months’ Supply of Inventory – Average of 52 metro areas
The number of homes for sale in October 2024 was up 0.6% from September 2024 and up 28.4% from October 2023. Based on the rate of home sales in October 2024, the months’ supply of inventory was 2.6, down from 2.7 in September 2024, and up from 2.3 in October 2023. In September 2024, the markets with the lowest months’ supply of inventory were Manchester, NH and Hartford, CT, tied at 1.0 and Trenton, NJ and Seattle, WA, tied at 1.1. The markets with the highest months’ supply of inventory were Miami, FL at 6.8, San Antonio, TX at 5.2, and Bozeman, MT and Tampa, FL, tied at 4.8.

SOURCE RE/MAX, LLC

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