November home sales were up 6.3% year-over-year, according to new data from RE/MAX LLC, a division of RE/MAX Holdings Inc. (NYSE: RMAX). November marked the seventh time during 2024 that a month’s home sales topped its 2023 counterpart.
However, on a month-over-month measurement, sales were down 11.6% from October. RE/MAX added this drop reflected a traditional slowing for year-end sales. In the 50 markets tracked by RE/MAX, the greatest increase in sales activity were in the Northwest: Bozeman, Montana (up 45.8%), Coeur d’Alene, Idaho (27.9%), and Portland (26.9%); Miami recorded the biggest decrease in year-over-year sales percentage with a 13% tumble.
Furthermore, inventory was 25% higher year-over-year in November but was also down 4.3% from October. New listings also increased and were 8.5% higher year-over-year but dropped 23.5% month-over-month.
November’s median sales price of $429,000 was up 5.7% from the $406,000 level set one year earlier, but it was down 0.2% from October’s $430,000.
“Year-over-year growth across nearly all major categories signals a strong finish to 2024,” said RE/MAX, LLC. President Amy Lessinger. “With consumer confidence rising and Millennials driving demand – many of whom are reaching key life milestones like marriage and children – 2024 looks set to outperform 2023 overall. If these trends continue it could bode well for the 2025 housing market.”
;
