Real Estate Market

November 2024

U.S. Real Estate Overview

Note: September 2024 data below are the most recent released by the National Association of Realtors.

Existing-home sales drew back in September, according to the National Association of REALTORS®. Three out of four major U.S. regions registered sales declines while the West experienced a sales bounce. Year-over-year, sales fell in three regions but grew in the West.
 
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 1.0% from August to a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales waned 3.5% (down from 3.98 million in September 2023).

National Association of Realtors September 2024 Data

“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.”
 
Total housing inventory registered at the end of September was 1.39 million units, up 1.5% from August and 23.0% from one year ago (1.13 million). Unsold inventory sits at a 4.3-month supply at the current sales pace, up from 4.2 months in August and 3.4 months in September 2023.
 
“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.”
 
The median existing-home price for all housing types in September was $404,500, up 3.0% from one year ago ($392,700). All four U.S. regions registered price increases.
 
“Moderating home price increases are welcome news for home buyers,” Yun added. “With wage growth now outpacing home price appreciation, housing affordability will improve.”
 
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 28 days in September, up from 26 days in August and 21 days in September 2023.
 
26% of sales in September – matching the all-time low from August 2024 and November 2021 – and down from 27% in September 2023. NAR's 2023 Profile of Home Buyers and Sellers – released in November 20234 – found that the annual share of first-time buyers was 32%. NAR's 2023 Profile of Home Buyers and Sellers – released in November 2023 – found that the annual share of first-time buyers was 32%.
 
All-cash sales accounted for 30% of transactions in September, up from 26% in August and 29% in September 2023.
 
Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in September, down from 19% in August and 18% in September 2023.
 
Distressed sales – foreclosures and short sales – represented 2% of sales in September, virtually unchanged from last month and the previous year.
 
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.44% as of October 17. That’s up from 6.32% one week ago but down from 7.63% one year ago.
 
Regional Breakdown
 
Existing-home sales in the Northeast in September retracted 4.2% from August to an annual rate of 460,000, down 6.1% from September 2023. The median price in the Northeast was $467,100, up 6.0% from last year.
 
In the Midwest, existing-home sales slipped 2.2% in September to an annual rate of 900,000, down 5.3% from the prior year. The median price in the Midwest was $306,600, up 5.0% from September 2023.
 
Existing-home sales in the South decreased 1.7% from August to an annual rate of 1.72 million in September, down 5.5% from one year before. The median price in the South was $359,700, up 0.8% from one year earlier.
 
In the West, existing-home sales ascended 4.1% in September to an annual rate of 760,000, up 5.6% from a year ago. The median price in the West was $616,400, up 1.7% from September 2023.

 

Make Your Offer Count

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!

Getting your home ready to sell

When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:

  • Bring in the light. The right light creates the right mood. Adding lights to dark rooms can make your home feel warm and inviting. Bring outdoor light inside by opening curtains and installing economical sun tubes.
  • Create Space. Many of today's buyers are looking for open rooms. Consider removing unwanted walls to make your home feel more spacious. Buyers will often pay a premium to get a bit of extra room.
  • Replace Flooring. Get rid of that old carpet in the den and replace it with today's newer hardwoods and laminates. You don't have to spend a lot to make a big impression!

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!

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Contact Information

Photo of Cindy Grey Real Estate
Cindy Grey
Broadmoor Bluffs Realty
6510-A South Academy Blvd #286 (by appt only)
Colorado Springs CO 80906
Mobile: (719)210-8029
Office: (719)579-9211