Home sales during October recorded a 6.7% increase from September and an 8.4% year-over-year rise, according to new data from RE/MAX LLC, a subsidiary of RE/MAX Holdings (NYSE: RMAX). On a year-to-date measurement, RE/MAX reported 2024’s home sales exceeded 2023 levels in six of 10 months.
October’s median sale price of $430,000 marked a mild 0.3% uptick from September. Compared to October 2023, the median sale price was up 4.9% for the 16th consecutive month of year-over-year increases.
New listings were down 0.7% from September but were 14.8% higher than October 2023. Last month’s active inventory inched up by just 0.6% from September – the lowest month-to-month increase since February – although it was also up 28.4%, year-over-year.
“October brought some encouraging momentum,” said RE/MAX, LLC President Amy Lessinger. “Buyers took advantage of lower mortgage rates and closed deals. Although rising inventory levels are still falling short of demand, it’s great to see motivated buyers moving forward and achieving homeownership.”
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