Existing Home Sales During October 2024

Existing Home Sales report for October 2024 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 3,830,000

• Actual: 3,960,000

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•  Change from Previous Month: +3.4% (+130,000 homes)
  
  
•  Change from A Year Ago: +2.9% (+110,000 homes)

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Inventory: 1,370,000 (4.2 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $407,200
  
  
• Price Change from A Year Ago: +4.00% (+$15,600)

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• Click here for historical prices and a chart.
  
  
• Click here for New Home Sales Data.

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From Today's Report:

"...'The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,' said NAR Chief Economist Lawrence Yun. 'Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.'

'The ongoing price gains mean increasing wealth for homeowners nationwide,' Yun added. 'Additional inventory and more home building activity will help price increases moderate next year'..."

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INFOGRAPHIC: Existing Home Sales
OCTOBER 2024 UPDATE

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Existing Home Sales During September 2024

Existing Home Sales report for September 2024 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 3,880,000

• Actual: 3,840,000

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•  Change from Previous Month: -1.03% (-40,000 homes)
  
  
•  Change from A Year Ago: -3.52% (-140,000 homes)

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Inventory: 1,390,000 (4.3 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $404,500
  
  
• Price Change from A Year Ago: +3.00% (+$11,800)

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• Click here for historical prices and a chart.
  
  
• Click here for New Home Sales Data.

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From Today's Report:

"...'Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,' said NAR Chief Economist Lawrence Yun. 'There are more inventory choices for consumers, lower mortgage rates  than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.'

'More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,” Yun said. 'However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low. Distressed property sales accounted for only 2% of all transactions in September.'..."

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CHART: Cost of A Used Home
September 2024 UPDATE

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Existing Home Sales During August 2024

Existing Home Sales report for August 2024 was released by The National Association of Realtors® (NAR®) this morning:

======================

Previous Month: 3,960,000

• Actual: 3,860,000

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•  Change from Previous Month: -2.53% (-100,000 homes)
  
  
•  Change from A Year Ago: -4.22% (-170,000 homes)

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Inventory: 1,350,000 (4.2 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $416,700
  
  
• Price Change from A Year Ago: +3.09% (+$12,500)

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• Click here for historical prices and a chart.
  
  
• Click here for New Home Sales Data.

==========

From Today's Report:

"...'Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,' said NAR Chief Economist Lawrence Yun. 'The home-buying process, from the initial search to getting the house keys, typically takes several months.'

'The rise in inventory -- and, more technically, the accompanying months’ supply -- implies home buyers are in a much-improved position to find the right home and at more favorable prices,' Yun added. 'However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.'..."

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INFOGRAPHIC: Existing Home Sales
AUGUST 2024 UPDATE

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Existing Home Sales During July 2024

Existing Home Sales report for July 2024 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 3,900,000

• Actual: 3,950,000

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•  Change from Previous Month: +1.28% (+50,000 homes)
  
  
•  Change from A Year Ago: -2.47% (-100,000 homes)

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Inventory: 1,330,000 (4.0 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $422,600
  
  
• Price Change from A Year Ago: +4.19% (+$17,000)

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• Click here for historical prices and a chart.
  
  
• Click here for New Home Sales Data.

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From Today's Report:

"..."Despite the modest gain, home sales are still sluggish," said NAR Chief Economist Lawrence Yun. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."..."

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INFOGRAPHIC: Existing Home Sales
JULY UPDATE

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Existing Home Sales During June 2024

Existing Home Sales report for June 2024 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 4,110,000

• Actual: 3,890,000

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•  Change from Previous Month: -5.35% (-220,000 homes)
  
  
•  Change from A Year Ago: -5.35% (-220,000 homes)

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Inventory: 1,320,000 (4.1 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $426,900
  
  
• Price Change from A Year Ago: +4.097% (+$16,800)

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• Click here for historical prices and a chart.
  
  
• Click here for New Home Sales Data.

==========

From Today's Report:

"...Existing-home sales fell in June as the median sales price climbed to the highest price ever recorded for the second consecutive month, according to the National Association of REALTORS®. All four major U.S. regions posted sales declines. Year-over-year, sales waned in the Northeast, Midwest and South but were unchanged in the West.

'We're seeing a slow shift from a seller's market to a buyer's market,' said NAR Chief Economist Lawrence Yun. 'Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.'

Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from one year ago (1.07 million). Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory posted a four-month supply was May 2020 (4.5 months.)

The median existing-home price for all housing types in June was $426,900, an all-time high and an increase of 4.1% from one year ago ($410,100). All four U.S. regions registered price gains.

'Even as the median home price reached a new record high, further large accelerations are unlikely,' Yun added. 'Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.'..."

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INFOGRAPHIC: Existing Home Sales
JUNE UPDATE

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Existing Home Sales During April 2024

Existing Home Sales report for April 2024 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 4,220,000

• Actual: 4,140,000

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•  Change from Previous Month: -1.9% (-80,000 homes)
  
  
•  Change from A Year Ago: -1.9% (-80,000 homes)

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Inventory: 1,210,000 (3.5 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $407,600
  
  
• Price Change from A Year Ago: +5.65% (+$21,800)

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• Click here for historical prices and a chart.

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From Today's Report:

"...According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.02% as of May 16. That's down from 7.09% the previous week but up from 6.39% one year ago..."

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INFOGRAPHIC: Existing Home Sales
APRIL 2024 UPDATE

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Existing Home Sales During July 2023

The Existing Home Sales report for July 2023 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 4,160,000

• Actual: 4,070,000

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•  Change from Previous Month: -2.16% (-9,000 homes)
  
  
•  Change from A Year Ago: -16.6% (-81,000 homes)

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Inventory: 1,110,000 (3.3 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $406,700
  
  
• Price Change from A Year Ago: +1.93% (+$7,000)

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• Click here for historical prices and a chart.

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From Today's Report:

"...'Two factors are driving current sales activity – inventory availability and mortgage rates,' said NAR Chief Economist Lawrence Yun. 'Unfortunately, both have been unfavorable to buyers.'

'Most homeowners continue to enjoy large wealth gains from recent years with little concern about home price declines,' Yun said. 'However, many renters are concerned as they’re facing growing affordability challenges because of high interest rates.'

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.09% as of August 17. That’s up from 6.96% the prior week and 5.13% one year ago..."

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INFOGRAPHIC: Existing Home Sales
July 2023 UPDATE

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Existing Home Sales During August 2022

The Existing Home Sales report for August 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 4,800,000

• Actual: 4,800,000

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•  Change from Previous Month: -0.415% (-20,000 homes)
  
  
•  Change from A Year Ago: -19.87% (-1,190,000 homes)

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Inventory: 1,280,000 (3.2 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $389,500
  
  
• Price Change from A Year Ago: +7.75% (+$28,000)

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• Click here for historical prices and a chart.

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From Today's Report:

"...'The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve's interest rate policy changes,' said NAR Chief Economist Lawrence Yun. 'The softness in home sales reflects this year's escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago.'


'Inventory will remain tight in the coming months and even for the next couple of years,' Yun added. 'Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years, increasing the need for more new-home construction to boost supply.'


The median existing-home price for all housing types in August was $389,500, a 7.7% jump from August 2021 ($361,500), as prices ascended in all regions. This marks 126 consecutive months of year-over-year increases, the longest-running streak on record. However, it was the second month in a row that the median sales price retracted after reaching a record high of $413,800 in June, the usual seasonal trend of prices declining after peaking in the early summer.


Properties typically remained on the market for 16 days in August, up from 14 days in July and down from 17 days in August 2021. Eighty-one percent of homes sold in August 2022 were on the market for less than a month..."

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INFOGRAPHIC: Existing Home Sales
August 2022 UPDATE

 

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Existing Home Sales During July 2022

The Existing Home Sales report for July 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 5,000,000

• Actual: 4,810,000

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•  Change from Previous Month: -5.87% (-300,000 homes)
  
  
•  Change from A Year Ago: -20.23% (-1,220,000 homes)

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Inventory: 1,310,000 (3.3 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $403,800
  
  
• Price Change from A Year Ago: +10.75% (+$39,200)

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• Click here for historical prices and a chart.

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From Today's Report:

"...'The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,' said NAR Chief Economist Lawrence Yun. 'Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers.'

'We're witnessing a housing recession in terms of declining home sales and home building,' Yun added. 'However, it's not a recession in home prices. Inventory remains tight and prices continue to rise nationally with nearly 40% of homes still commanding the full list price.'

Properties typically remained on the market for 14 days in July, the same as in June and down from 17 days in July 2021. The 14 days on market are the fewest since NAR began tracking it in May 2011. Eighty-two percent of homes sold in July 2022 were on the market for less than a month.

Realtor.com®'s Market Trends Report in July shows that the largest year-over-year median list price growth occurred in Miami (+36.2%), Memphis (+32.7%) and Orlando (+28.4%). Phoenix reported the highest increase in the share of homes that had their prices reduced compared to last year (+31.8 percentage points), followed by Las Vegas (+28.6 percentage points) and Austin (+27.8 percentage points)..."

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INFOGRAPHIC: Existing Home Sales
July 2022 UPDATE

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Existing Home Sales During June 2022

The Existing Home Sales report for June 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 5,400,000

• Actual: 5,120,000

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•  Change from Previous Month: -5.36% (-29,000 homes)
  
  
•  Change from A Year Ago: -14.24% (-85,000 homes)

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Inventory: 1,260,000 (3.0 months supply; +20.0% year-on-year.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $416,000 (New Record-High)
  
  
• Price Change from A Year Ago: +13.38% (+$49,100)

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• Click here for historical prices and a chart.

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From Today's Report:

"...'Falling housing affordability continues to take a toll on potential home buyers,' said NAR Chief Economist Lawrence Yun. 'Both mortgage rates and home prices have risen too sharply in a short span of time.'

'Finally, there are more homes on the market,' Yun added. 'Interestingly though, the record-low pace of days on market implies a fuzzier picture on home prices. Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.'

First-time buyers were responsible for 30% of sales in June, up from 27% in May and down from 31% in June 2021. NAR's 2021 Profile of Home Buyers and Sellers reported that the annual share of first-time buyers was 34%.

All-cash sales accounted for 25% of transactions in June, the same share as in May and up from 23% in June 2021.

Distressed sales -- foreclosures and short sales -- represented less than 1% of sales in June, essentially unchanged from May 2022 and June 2021.

'If consumer price inflation continues to rise, then mortgage rates will move higher,' Yun said. 'Rates will stabilize only when signs of peak inflation appear. If inflation is contained, then mortgage rates may even decline somewhat.'..."

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INFOGRAPHIC: Existing Home Sales
June 2022 UPDATE

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Existing Home Sales During May 2022

The Existing Home Sales report for May 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 5,400,000
Actual: 5,410,000

•  Change from Previous Month: -3.39% (-190,000 homes)
  
  
•  Change from One Year Previous: -8.61% (-510,000 homes)

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Inventory: 1,160,000 (2.6 months supply; -4.1% year-on-year.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price During May 2022: $407,600 (New Record-High)
  
  
• Price Change from One Year Previous: +14.82% (+$52,600)

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• Click here for historical prices and a chart.

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From Today's Report:

"...'Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance,' said NAR Chief Economist Lawrence Yun. 'Also, the market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions.'

'Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year,' Yun added. 'Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially -- almost doubling -- to cool home price appreciation and provide more options for home buyers.'


Properties typically remained on the market for 16 days in May, down from 17 days in April and 17 days in May 2021. Eighty-eight percent of homes sold in May 2022 were on the market for less than a month.

All-cash sales accounted for 25% of transactions in May, down from 26% in April and up from 23% recorded in May 2021.

Distressed sales -- foreclosures and short sales -- represented less than 1% of sales in May, essentially unchanged from April 2022 and May 2021.

Realtor.com®'s Market Trends Report(link is external) in May shows that the largest year-over-year median list price growth occurred in Miami (+45.9%), Nashville (+32.5%), and Orlando (+32.4%). Austin reported the highest growth in the share of homes that had their prices reduced compared to last year (+14.7 percentage points), followed by Las Vegas (+12.3 percentage points) and Phoenix (+11.6 percentage points)..."

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INFOGRAPHIC: Existing Home Sales
May 2022 UPDATE

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Existing Home Sales During April 2022

The Existing Home Sales report for April 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 5,600,000
Actual: 5,610,000

•  Change from Previous Month: -2.435% (-140,000 homes)
  
  
•  Change from One Year Previous: -5.872% (-350,000 homes)

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Inventory: 1,030,000 (2.2 months supply; -4.3% year-on-year.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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Median Price for A Used Home During April 2022: $391,200

Change from One Year Previous: +14.822% (+$50,500)

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Average Price for A Used Home During April 2022: $397,600

Change from One Year Previous: +9.2% (+$33,500)

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• Click here for historical prices and a chart.

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From Today's Report:

"...Higher home prices and sharply higher mortgage rates have reduced buyer activity,' said Lawrence Yun, NAR's chief economist. 'It looks like more declines are imminent in the upcoming months, and we'll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years.'

'Housing supply has started to improve, albeit at an extremely sluggish pace,' said Yun.

He also noted the rare state of the current marketplace.

'The market is quite unusual as sales are coming down, but listed homes are still selling swiftly, and home prices are much higher than a year ago,' said Yun.

'Moreover, an increasing number of buyers with short tenure expectations could opt for 5-year adjustable-rate mortgages , thereby assuring fixed payments over five years because of the rate reset,' he added. 'The cash buyers, not impacted by mortgage rate changes, remain elevated.'

Properties typically remained on the market for 17 days in April, equal to both the number of days in March 2022 and in April 2021. Eighty-eight percent of homes sold in April 2022 were on the market for less than a month.

First-time buyers were responsible for 28% of sales in April, down from 30% in March and from 31% in April 2021.

All-cash sales accounted for 26% of transactions in April, down from 28% in March and up from the 25% recorded in April 2021.

Distressed sales -- foreclosures and short sales -- represented less than 1% of sales in April, equal to the percentage seen in March and down from 2% in April 2021.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.98% in April, up from 4.17% in March. The average commitment rate across all of 2021 was 2.96%.

Realtor.com®'s Market Trends Report in April shows that the largest year-over-year median list price growth occurred in Miami (+38.3%), Las Vegas (+32.6%), and Orlando (+30.7%). Austin reported the highest growth in the share of homes that had their prices reduced compared to last year (+6.8 percentage points), followed by Las Vegas (+5.3 percentage points) and Sacramento (+4.7 percentage points)..."

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INFOGRAPHIC: Existing Home Sales
During April 2022

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Existing Home Sales During March 2022

The Existing Home Sales report for March 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 6,000,000
Actual: 5,770,000

•  Change from Previous Month: -2.698% (-160,000 homes)
  
  
•  Change from One Year Previous: -4.47% (-270,000 homes)

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Inventory: 950,000 (2.0 months supply; -9.5% year-on-year.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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Median Price for A Used Home During March 2022: $375,300

Change from One Year Previous: +15.017% (+$49,000)

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Average Price for A Used Home During March 2022: $387,100

Change from One Year Previous: +9.629% (+$34,000)

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• Click here for historical prices and a chart.

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From Today's Report:

"..."The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power," said Lawrence Yun, NAR's chief economist. "Still, homes are selling rapidly, and home price gains remain in the double-digits."

With mortgage rates expected to rise further, Yun predicts transactions to contract by 10% this year, for home prices to readjust, and for gains to grow around 5%.

"Home prices have consistently moved upward as supply remains tight," Yun said. "However, sellers should not expect the easy-profit gains and should look for multiple offers to fade as demand continues to subside."

Properties typically remained on the market for 17 days in March, down from 18 days in February and 18 days in March 2021. Eighty-seven percent of homes sold in March 2022 were on the market for less than a month.

First-time buyers were responsible for 30% of sales in March, up from 29% in February and down from 32% in March 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%.

"It appears first-time homebuyers are still looking to lock in at current mortgage rates before they inevitably increase," Yun said.

Distressed sales – foreclosures and short sales – represented less than 1% of sales in March, equal to the percentage seen in both February 2022 and March 2021..."

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Existing Home Sales During March 2022

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