- September's rate drop and increase in new listings led to
October's increase in pending sales, but could rising rates in
October hinder momentum?
- Affordability issues in swing states may have these voters more
interested in Federal housing policies
SANTA
CLARA, Calif., Oct. 31,
2024 /PRNewswire/ -- Last month's home sellers not
only listed their homes, but bought new ones and sent a surge of
demand into the market this month, according to the
Realtor.com® October Monthly Housing Report. The rise in
new listings seen in September was strongly correlated to a rise in
pending sales this month, with significant pending home sales
increases in Boston (+25.7%),
San Diego, Calif. (+22.1%), and
Seattle (+50.5%).
"Existing home sales have been disappointingly low so far in
2024 as mortgage rates remained stubbornly high, but the data show
that sellers--many of whom are also buyers--responded as mortgage
rates volleyed in the low- to mid-6% range in recent weeks," said
Danielle Hale, Chief Economist,
Realtor.com®. "The increase in new listings and
subsequent rise in pending sales suggest that we will finally see
home sales pick up in the late fall, which would mark the first
yearly gain in more than 3 years."
October 2024 Housing Metrics –
National
|
Metric
|
Change over Oct.
2023
|
Change over Oct.
2019
|
|
Median listing
price
|
0% (to
$424,950)
|
+37.1 %
|
|
Active
listings
|
+29.2 %
|
-21.1 %
|
|
New listings
|
+9.9 %
|
-14.3 %
|
|
Median days on
market
|
+8 days (to 58
days)
|
-7
days
|
|
Share of active
listings with price
reductions
|
+0.0 percentage
points
(to 18.6%)
|
+1.1 percentage
points
|
|
Median List Price Per
Sq.Ft.
|
+2.1 %
|
+50.5 %
|
Sellers Offload and Scoop up Homes
When sellers list
their homes on the market it could point to a number of likely
scenarios. On the one hand, the seller could be listing a primary
residence with the intention to buy another home, they could be
selling to move into a rental, or they could be selling a secondary
home. This month, the data suggests that many sellers are selling
primary residences and buying new homes through the very strong
correlation between increased new listings in September 2024 and the increase in pending
listings this month across the largest 50 markets.
In fact, a few of the largest markets including Seattle, Boston, and San
Diego, Calif. saw some of the largest increases in pending
listings this month with 50.5%, 25.7%, and 22.1%, respectively,
while also experiencing some of the largest increases in new
listings last month at 41.8%, 24.4%, and 21.5%,
respectively.
Mirror Mirror on the Wall, Show Me Where the Swing States May
Fall
Home affordability is top of mind for many people
especially in the current real estate market. As the median listing
price per square foot increased by 2.1% in October relative to
October of last year, the price per square foot has grown by 50.6%
since October 2019. When taking a
deeper dive into this factor at the state level, interestingly,
home prices in swing states sit at 30-40% less expensive than blue
states on a per square foot basis, and 10-20% more expensive than
red states.
"When it comes to home prices, swing states have mirrored red
states much more than blue states over the past four years. If
rising home prices since the last election matter for voters next
week, it implies that swing state voters may have federal housing
policy on their minds much less than voters in blue states but
perhaps a little more than voters in red states" said Ralph McLaughlin, Sr. Economist,
Realtor.com®.
Inventory Hits A High
On a typical day in
October, there were 29.2% more homes actively for sale compared to
October 2023, reaching the highest
level of active inventory since December
2019. Every region experienced a significant rise in new
listings compared with October 2023.
The West led the pack with an increase of 7%, followed by 5.1% in
the Midwest, 3.2% in the Northeast, and 2.9% in the South.
While active inventory hit its highest level since December 2019, it's important to note the gap in
newly listed homes compared with pre-pandemic 2017 to 2019 levels
is still apparent, though dwindling. The South continues to close
the gap as newly listed homes sat just 8.8% below pre-pandemic
levels whereas the other regions continue to feel the difference.
Newly listed inventory sits 19.2% below pre-pandemic levels in the
West, 16.5% in the Midwest, and 20.0% in the Northeast.
October 2024 Housing Overview
of the 50 Largest Metros
|
Metro
Area
|
Median
Listing
Price
|
Median
Listing
Price YoY
|
Median
Listing
Price per Sq.
Ft.
YoY
|
Median
Listing
Price vs
October
2019
|
Median
Listing
Price per Sq.
Ft.
vs October
2019
|
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
$410,000
|
-3.5 %
|
0.5 %
|
29.0 %
|
50.1 %
|
|
Austin-Round
Rock-Georgetown, Texas
|
$520,000
|
-5.4 %
|
-4.0 %
|
44.7 %
|
54.8 %
|
|
Baltimore-Columbia-Towson, Md.
|
$369,995
|
0.7 %
|
1.5 %
|
14.0 %
|
28.8 %
|
|
Birmingham-Hoover,
Ala.
|
$299,947
|
1.7 %
|
1.3 %
|
13.2 %
|
27.3 %
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$837,450
|
0.0 %
|
2.3 %
|
42.5 %
|
60.3 %
|
|
Buffalo-Cheektowaga,
N.Y.
|
$269,900
|
5.9 %
|
5.4 %
|
35.0 %
|
46.2 %
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$429,947
|
2.1 %
|
1.4 %
|
28.1 %
|
57.1 %
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$369,000
|
-0.3 %
|
1.9 %
|
17.4 %
|
32.6 %
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
$331,460
|
-7.0 %
|
3.5 %
|
25.0 %
|
51.0 %
|
|
Cleveland-Elyria,
Ohio
|
$250,000
|
5.0 %
|
12.0 %
|
29.2 %
|
51.5 %
|
|
Columbus,
Ohio
|
$368,900
|
0.7 %
|
4.1 %
|
31.8 %
|
54.6 %
|
|
Dallas-Fort
Worth-Arlington, Texas
|
$434,500
|
-3.2 %
|
0.0 %
|
26.3 %
|
43.2 %
|
|
Denver-Aurora-Lakewood,
Colo.
|
$600,000
|
-5.5 %
|
-0.3 %
|
21.2 %
|
40.9 %
|
|
Detroit-Warren-Dearborn, Mich.
|
$271,200
|
7.5 %
|
4.9 %
|
14.4 %
|
32.1 %
|
|
Hartford-East
Hartford-Middletown, Conn.
|
$399,900
|
0.0 %
|
13.0 %
|
34.0 %
|
63.2 %
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
$369,450
|
0.1 %
|
0.2 %
|
19.4 %
|
37.0 %
|
|
Indianapolis-Carmel-Anderson, Ind.
|
$321,950
|
0.6 %
|
3.6 %
|
23.5 %
|
52.3 %
|
|
Jacksonville,
Fla.
|
$397,750
|
-6.4 %
|
-2.7 %
|
32.6 %
|
49.9 %
|
|
Kansas City,
Mo.-Kan.
|
$377,000
|
-8.6 %
|
-1.7 %
|
20.8 %
|
41.7 %
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
$475,000
|
0.0 %
|
4.3 %
|
48.4 %
|
54.6 %
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,150,000
|
-0.8 %
|
1.9 %
|
37.4 %
|
46.7 %
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
$317,400
|
3.9 %
|
3.8 %
|
24.7 %
|
41.8 %
|
|
Memphis,
Tenn.-Miss.-Ark.
|
$334,900
|
5.1 %
|
0.0 %
|
45.5 %
|
59.7 %
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$525,000
|
-12.3 %
|
-8.8 %
|
31.5 %
|
42.1 %
|
|
Milwaukee-Waukesha,
Wis.
|
$377,500
|
11.0 %
|
9.8 %
|
42.5 %
|
46.7 %
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$425,000
|
-1.5 %
|
1.0 %
|
25.0 %
|
31.0 %
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$542,447
|
-5.4 %
|
0.7 %
|
46.6 %
|
60.8 %
|
|
New Orleans-Metairie,
La.
|
$325,125
|
-2.8 %
|
-1.9 %
|
14.3 %
|
24.7 %
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$762,375
|
4.5 %
|
7.4 %
|
31.9 %
|
72.3 %
|
|
Oklahoma City,
Okla.
|
$314,825
|
-5.9 %
|
-0.5 %
|
24.5 %
|
39.9 %
|
|
Orlando-Kissimmee-Sanford, Fla.
|
$427,450
|
-5.0 %
|
-1.8 %
|
33.7 %
|
51.5 %
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$376,500
|
7.6 %
|
5.2 %
|
26.2 %
|
50.0 %
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
$519,950
|
-1.9 %
|
-0.2 %
|
35.4 %
|
52.2 %
|
|
Pittsburgh,
Pa.
|
$244,000
|
-1.1 %
|
5.0 %
|
22.6 %
|
31.1 %
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$602,375
|
-2.8 %
|
0.1 %
|
29.4 %
|
38.1 %
|
|
Providence-Warwick,
R.I.-Mass.
|
$552,500
|
2.4 %
|
6.2 %
|
45.6 %
|
46.8 %
|
|
Raleigh-Cary,
N.C.
|
$450,000
|
-1.6 %
|
1.4 %
|
23.6 %
|
50.4 %
|
|
Richmond,
Va.
|
$443,018
|
1.8 %
|
4.6 %
|
38.5 %
|
57.1 %
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
$599,000
|
3.3 %
|
1.7 %
|
46.1 %
|
57.8 %
|
|
Rochester,
N.Y.
|
$277,450
|
11.0 %
|
7.0 %
|
38.8 %
|
44.4 %
|
|
Sacramento-Roseville-Folsom, Calif.
|
$627,250
|
-3.4 %
|
0.3 %
|
29.2 %
|
37.3 %
|
|
San Antonio-New
Braunfels, Texas
|
$335,000
|
-3.5 %
|
-2.2 %
|
18.3 %
|
36.4 %
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
$979,200
|
-2.0 %
|
0.8 %
|
38.8 %
|
57.4 %
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
$996,500
|
-9.2 %
|
-7.0 %
|
4.9 %
|
19.4 %
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,394,000
|
1.0 %
|
1.5 %
|
25.3 %
|
25.5 %
|
|
Seattle-Tacoma-Bellevue, Wash.
|
$759,975
|
-4.1 %
|
-0.5 %
|
29.8 %
|
46.8 %
|
|
St. Louis,
Mo.-Ill.
|
$299,450
|
8.1 %
|
3.0 %
|
36.1 %
|
27.1 %
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$399,999
|
-7.0 %
|
-6.1 %
|
42.9 %
|
58.8 %
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$393,115
|
5.0 %
|
5.5 %
|
35.6 %
|
45.6 %
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$599,781
|
0.0 %
|
3.6 %
|
26.3 %
|
51.9 %
|
|
Metro
Area
|
Active
Listing
Count YoY
|
New
Listing
Count YoY
|
Median
Days
on
Market
|
Median
Days
on
Market Y-Y
(Days)
|
Price–
Reduced
Share
|
Price-
Reduced
Share
Y-Y
(Percentage
Points)
|
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
47.2 %
|
7.7 %
|
51
|
8
|
22.4 %
|
1.7 pp
|
|
Austin-Round
Rock-Georgetown, Texas
|
18.6 %
|
-8.4 %
|
73
|
13
|
24.2 %
|
-10.0 pp
|
|
Baltimore-Columbia-Towson, Md.
|
31.1 %
|
24.9 %
|
36
|
-1
|
15.9 %
|
-2.7 pp
|
|
Birmingham-Hoover,
Ala.
|
24.6 %
|
11.5 %
|
57
|
6
|
17.0 %
|
-0.6 pp
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
23.8 %
|
8.8 %
|
34
|
3
|
18.2 %
|
-0.4 pp
|
|
Buffalo-Cheektowaga,
N.Y.
|
10.1 %
|
-5.0 %
|
42
|
3
|
10.4 %
|
0.9 pp
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
46.0 %
|
-3.2 %
|
53
|
13
|
22.8 %
|
3.4 pp
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
13.0 %
|
11.2 %
|
37
|
1
|
15.9 %
|
0.4 pp
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
25.7 %
|
5.0 %
|
37
|
5
|
20.7 %
|
3.2 pp
|
|
Cleveland-Elyria,
Ohio
|
10.6 %
|
0.7 %
|
42
|
2
|
19.4 %
|
1.8 pp
|
|
Columbus,
Ohio
|
33.2 %
|
-1.1 %
|
39
|
8
|
23.5 %
|
-1.1 pp
|
|
Dallas-Fort
Worth-Arlington, Texas
|
39.3 %
|
6.1 %
|
56
|
11
|
25.9 %
|
-0.7 pp
|
|
Denver-Aurora-Lakewood,
Colo.
|
59.5 %
|
13.5 %
|
51
|
11
|
30.2 %
|
1.0 pp
|
|
Detroit-Warren-Dearborn, Mich.
|
12.8 %
|
-1.3 %
|
40
|
0
|
17.2 %
|
1.7% pp
|
|
Hartford-East
Hartford-Middletown, Conn.
|
12.9 %
|
14.3 %
|
33
|
-5
|
10.8 %
|
2.3 pp
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
26.2 %
|
11.9 %
|
50
|
4
|
16.9 %
|
-3.8 pp
|
|
Indianapolis-Carmel-Anderson, Ind.
|
15.5 %
|
5.9 %
|
46
|
5
|
27.5 %
|
-1.4 pp
|
|
Jacksonville,
Fla.
|
50.6 %
|
13.8 %
|
70
|
19
|
26.1 %
|
1.5 pp
|
|
Kansas City,
Mo.-Kan.
|
18.2 %
|
7.8 %
|
51
|
2
|
18.1 %
|
-1.3 pp
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
49.3 %
|
16.3 %
|
49
|
6
|
22.6 %
|
3.3 pp
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
39.2 %
|
9.7 %
|
48
|
4
|
14.0 %
|
1.3% pp
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
18.8 %
|
2.2 %
|
39
|
7
|
23.4 %
|
1.3 pp
|
|
Memphis,
Tenn.-Miss.-Ark.
|
30.6 %
|
-9.0 %
|
64
|
14
|
24.0 %
|
0.6 pp
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
57.2 %
|
2.5 %
|
74
|
18
|
17.3 %
|
0.8 pp
|
|
Milwaukee-Waukesha,
Wis.
|
7.9 %
|
4.3 %
|
32
|
0
|
17.1 %
|
-4.6 pp
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
16.5 %
|
6.3 %
|
41
|
3
|
18.2 %
|
-1.0 pp
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
29.5 %
|
16.8 %
|
54
|
17
|
18.8 %
|
-6.4 pp
|
|
New Orleans-Metairie,
La.
|
15.1 %
|
0.5 %
|
79
|
12
|
18.4 %
|
-3.3 pp
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
4.2 %
|
12.5 %
|
54
|
-3
|
8.9 %
|
-1.2 pp
|
|
Oklahoma City,
Okla.
|
37.1 %
|
14.6 %
|
48
|
3
|
25.3 %
|
2.5 pp
|
|
Orlando-Kissimmee-Sanford, Fla.
|
57.1 %
|
10.6 %
|
69
|
19
|
23.1 %
|
0.6 pp
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
13.4 %
|
6.8 %
|
43
|
-1
|
16.0 %
|
-0.3 pp
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
41.7 %
|
8.2 %
|
50
|
13
|
28.6 %
|
-0.8 pp
|
|
Pittsburgh,
Pa.
|
19.3 %
|
-1.7 %
|
52
|
1
|
19.9 %
|
-0.8 pp
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
23.1 %
|
14.9 %
|
62
|
14
|
28.2 %
|
6.9 pp
|
|
Providence-Warwick,
R.I.-Mass.
|
22.5 %
|
6.3 %
|
36
|
3
|
19.1 %
|
7.6 pp
|
|
Raleigh-Cary,
N.C.
|
39.9 %
|
3.2 %
|
51
|
8
|
17.8 %
|
-0.9 pp
|
|
Richmond,
Va.
|
15.8 %
|
6.5 %
|
41
|
0
|
15.5 %
|
2.9 pp
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
37.5 %
|
14.1 %
|
54
|
5
|
17.1 %
|
0.9 pp
|
|
Rochester,
N.Y.
|
17.6 %
|
-0.6 %
|
38
|
20
|
5.5 %
|
-6.2 pp
|
|
Sacramento-Roseville-Folsom, Calif.
|
43.1 %
|
17.0 %
|
47
|
6
|
19.4 %
|
-0.8 pp
|
|
San Antonio-New
Braunfels, Texas
|
17.6 %
|
-0.1 %
|
68
|
12
|
24.4 %
|
-4.3 pp
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
63.3 %
|
8.3 %
|
42
|
8
|
17.7 %
|
2.6 pp
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
21.5 %
|
5.6 %
|
38
|
4
|
14.7 %
|
-0.6 pp
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
32.7 %
|
10.6 %
|
34
|
3
|
13.1 %
|
0.4 pp
|
|
Seattle-Tacoma-Bellevue, Wash.
|
60.5 %
|
17.5 %
|
44
|
6
|
18.2 %
|
0.8 pp
|
|
St. Louis,
Mo.-Ill.
|
9.6 %
|
-3.2 %
|
46
|
4
|
17.5 %
|
-3.2 pp
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
40.6 %
|
-12.5 %
|
73
|
29
|
22.6 %
|
-4.5 pp
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
30.0 %
|
15.3 %
|
43
|
5
|
20.4 %
|
-1.0 pp
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
26.2 %
|
19.4 %
|
34
|
-1
|
14.8 %
|
-0.7 pp
|
Methodology
Realtor.com housing data as of
October 2024. Listings include the
active inventory of existing single-family homes and
condos/townhomes/row homes/co-ops for the given level of geography
on Realtor.com; new construction is excluded unless listed via an
MLS that provides listing data to Realtor.com. Realtor.com data
history goes back to July 2016. The
50 largest U.S. metropolitan areas as defined by the Office of
Management and Budget (OMB-202003). With the release of its
October 2024 housing trends report,
Realtor.com® has restated data points for some previous months. As
a result of these changes, some of the data released since
September 2024 will not be directly
comparable with previous data releases (files downloaded before
September 2024) and Realtor.com®
economics research reports.
About
Realtor.com®
Realtor.com® is an
open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real
estate more than 25 years ago. Today, through its website and
mobile apps, Realtor.com® is a trusted guide for
consumers, empowering more people to find their way home by
breaking down barriers, helping them make the right connections,
and creating confidence through expert insights and guidance. For
professionals, Realtor.com® is a trusted partner
for business growth, offering consumer connections and branding
solutions that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq:
NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more
information, visit Realtor.com®.
Media Contact
Asees Singh, press@realtor.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/demand-rises-as-sellers-list-their-homes-and-buy-new-ones-302292229.html
SOURCE Realtor.com