RE/MAX has officially published results from its National Housing Report for October 2024, a report which reveals that home sales across US bucked seasonal trends and posted a 6.7% increase over September and were 8.4% higher year-over-year. Year to date, 2024 home sales have exceeded 2023 levels in six of 10 months.
Talk about the stated report on a slightly deeper level, it informed us on how, in the 52 metro areas surveyed during October 2024, the number of newly listed homes was down by 0.7% compared to September 2024, but at the same time, it was up by almost 14.8%, compared to October 2023. As for markets with the biggest increase in year-over-year new listings percentage, they included Las Vegas, NV at +40.1%, Phoenix, AZ at +38.5%, and Bozeman, MT at +37.3%. On the other hand, markets with the biggest decrease in new listings percentage were Tampa, FL at -42.4%, San Francisco, CA at -9.1%, and Manchester, NH at -2.1%.
Next up, we must dig into the data concerned with actually closed transactions. Here, from the 52 metro areas surveyed in October 2024, the overall number of home sales was up by 6.7% compared to September 2024, and up 8.4% compared to October 2023. Here, markets with the biggest increase in year-over-year sales percentages were Seattle, WA at +27.4%, San Antonio, TX at +24.6%, and Denver, CO at +22.9%. Against that, markets with the biggest decrease in year-over-year sales percentage happen to include Tampa, FL at -15.7%, Miami, FL at -10.0%, and Orlando, FL at -9.3%.
Turning our attention towards median sales price, the median of all 52 metro area sales prices was $430,000, up 0.3% compared to September 2024, and up 4.9% from October 2023. To expand upon that, markets with the biggest year-over-year increase in median sales price were Dover, DE at +15.7%, Milwaukee, WI at +12.1%, and St. Louis, MO at +11.3%. The biggest reductions, on the flipside, in terms of median price were reported across Coeur d’Alene, ID at -2.1% followed by San Antonio, TX and Tulsa, OK, tied at -1.9%.
Then, we have the close-to-list price ratio, which of all 52 metro areas in the report was 99%, the same as in both September 2024 and October 2023. In essence, close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. Now, when the number is above 100%, the home closed for more than the list price. However, if it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were Miami, FL at 94.0%, Coeur d’Alene, ID at 96.0% and Bozeman, MT at 96.5%. To counter that, areas with the highest close-to-list price ratios were San Francisco, CA at 103.5%, Hartford, CT at 102.3%, and Trenton, NJ at 102.1%.
Another metric touched on by RE/MAX report was days on market. Basically, average days on market for homes sold in October 2024 was 42, up two days compared to the average in September 2024, and up six days compared to October 2023. Taking a more area-specific view of the same, areas with the highest days on market averages were in Coeur d’Alene, ID at 81, Fayetteville, AR at 77, and San Antonio, TX at 72. The other side of this spectrum would reveal how the lowest days on market were observed in Baltimore, MD at 15, Washington, D.C. at 16, and Trenton, NJ at 17.
The final metric in play is months’ supply of inventory. Based on the rate of home sales in October 2024, the months’ supply of inventory was 2.6, down from 2.7 in September 2024, and up from 2.3 in October 2023. Markets with the lowest months’ supply of inventory were Manchester, NH and Hartford, CT, tied at 1.0 and Trenton, NJ and Seattle, WA, tied at 1.1. In contrast, markets with the highest months’ supply of inventory were Miami, FL at 6.8, San Antonio, TX at 5.2, and Bozeman, MT and Tampa, FL, tied at 4.8.
