Economy

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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Click here to view the NAR data.

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Labels: existing_home_sales, hard_data, homes, housing, Housing_Recession, preowned_homes, property, real_estate, used_homes

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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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Click here to view the NAR data.

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Labels: existing_home_sales, hard_data, homes, housing, Housing_Recession, preowned_homes, property, real_estate, used_homes

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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:

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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.

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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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