October’s nationwide median sale price of $385,000 was up by $5,000 or 1.3% from one year earlier, according to data from Homes.com, a division of CoStar Group (NASDAQ: CSGP). Month-over-month, the price inched up by a mild 0.4%. The peak recorded price was $395,000 set in June.
The Midwest region led the country with year-over-year median price growth exceeding 5% in Cleveland, Kansas City, Chicago, Detroit, Cincinnati, and St. Louis. In contrast, the median home price declined year-over-year in nearly one-third of the almost 1,000 markets tracked by Homes.com, most notably in several Sun Belt markets with oversupply issues (including Jacksonville, Atlanta, San Antonio, and Houston) and in several expensive West Coast markets including San Francisco, San Jose, Portland, and San Diego.
New listings rose 10.1% year-over-year last month, marking the highest October listing volume since 2021.
“Buyers have been cautious, likely reflecting uncertainty about the national macroeconomic situation as well as the affordability barrier,” said Brad Case, chief residential economist for Homes.com. “But the combination of subdued price growth, lower mortgage interest rates, and wider inventory sets the stage for increased buyer activity going forward.”
