The median sales price for the U.S. housing market in September was $415,000, a seasonal decline of 2.4% from August’s $425,000 but 2.5% above the $405,000 in September 2022, according to new data from RE/MAX (NASDAQ:RMAX).
Among the 50 markets tracked for RE/MAX’s data, the areas with the biggest year-over-year increases in the median sales price were Manchester, New Hampshire (up 11.7%), Wichita, Kansas (11.6%) and Hartford, Connecticut (9.8%) The markets with the biggest year-over-year decrease in median sales price were Houston (-2.5%) Las Vegas and Phoenix (both at -1.9%).
Homes sold for an average of 99% of the listing price in September, the same as the previous month and one year earlier. Of the 50 metro areas surveyed in September, the overall number of home sales was down 13.8% compared to August and down 17% compared to September 2022.
The months’ supply of inventory in September was 2.1, larger than both August’s 1.7 and September 2022’s 2.0. Homes sold in September were on the market an average of 35 days, one day longer than in August or in September of last year.
“We’re seeing some seasonal trends in play,” says RE/MAX President and CEO Nick Bailey. “The dip in sales followed typical seasonality, and the increase in inventory on the market was much needed to balance previous low inventory. And that’s good news for buyers who choose to enter the market this fall.”
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