The number of homes for sale climbed for the seventh consecutive month, according to the latest national housing report from RE/MAX LLC, a subsidiary of RE/MAX Holdings (NYSE: RMAX).
The new data from the 52 metro areas surveyed by RE/MAX found housing inventory levels in September were 6.4% higher from August and 33.6% above September 2023 levels. New listings also increased 9.7% compared to one year earlier.
But while inventory expanded, September home sales were down by 13.3% from August, which RE/MAX defined as “a seasonal norm.” Home sales were also down 3.1% from September 2023. Also on the decline was the median sales price – a 1.4% drop from August to $429,000, although the price was also up 4.6% year-over-year.
Year to date, 2024 home sales have exceeded 2023 levels in five of nine months while September’s median sale price was higher year over year for the 15th consecutive month.
“While we’re seeing a slight cooling in sales, it’s encouraging to note that home inventory has been steadily increasing, giving buyers more options in the market,” said RE/MAX LLC President Amy Lessinger. “The consistency in sales prices and the fact that buyers are still paying 99% of asking price demonstrates the resiliency in today’s housing market. Lower rates could generate some increased activity as we end 2024 and start 2025.”
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