Housing Statistics
October 2024
U.S. existing-home sales unexpectedly slipped 1.0% month-over-month
and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84
million, the lowest level in more than a decade, according to the National
Association of REALTORS® (NAR). Prospective buyers have pulled back in
recent months, despite lower mortgage rates and more home choices
compared to the same time last year.
September 2024
U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month
August 2024
U.S. existing-home sales increased for the first time in 5 months, as lower
mortgage rates and rising supply helped boost market activity. According to
the National Association of REALTORS® (NAR), sales of previously owned
homes rose 1.3% month-over-month to a seasonally adjusted annual rate
of 3.95 million units, exceeding economists’ expectations and ending the
downward trend of recent months.
July 2024
U.S. existing home sales fell 5.4% month-over-month and 5.4% year-overyear to a seasonally adjusted annual rate of 3.89 million units, with monthly
sales down in all four regions, according to the National Association of
REALTORS® (NAR). Higher mortgage rates, along with rising sales prices,
have kept many prospective buyers on the sidelines, despite more home
choices and less competition for those homes.
June 2024
U.S. existing-home sales declined for the third consecutive month, as
higher mortgage rates and rising sales prices hindered market activity
during what has traditionally been one of the busiest months of the year.
According to the National Association of REALTORS® (NAR), sales of
previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
May 2024
U.S. existing-home sales fell for the second month in a row, sliding 1.9%
month-over-month and 1.9% year-over-year, according to the National
Association of REALTORS® (NAR), with sales down in all four regions of the
country. Higher borrowing costs and accelerating home prices continue to
weigh on demand, pushing some prospective buyers to the sidelines and
causing market activity to slump ahead of summer.
April 2024
U.S. existing-home sales recently fell from a one-year high, dropping 4.3%
month-over-month to a seasonally adjusted annual rate of 4.19 million,
according to the National Association of REALTORS® (NAR), as higher
interest rates and rising sales prices continue to keep some prospective
buyers on the sidelines. Average 30-year mortgage rates have topped 7%
in recent weeks, while the median existing-home sales price hit $393,500
as of last measure, a 4.8% increase from the previous month, according to
NAR.
March 2024
U.S. existing-home sales improved for the second month in a row, jumping
9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding
economists’ expectations and marking the largest monthly gain in a year,
according to the National Association of REALTORS®(NAR). The rebound in
home sales comes amid fluctuating mortgage rates and elevated sales
prices, indicating there is plenty of buyer demand heading into the spring
selling season.
February 2024
U.S. existing-home sales grew 3.1% month-over-month to a seasonally
adjusted annual rate of 4.00 million, exceeding economists’ expectations
and marking the strongest sales pace since August 2023, according to the
National Association of REALTORS® (NAR). Falling interest rates late last
year, coupled with a recent uptick in inventory, helped existing-home sales
to climb following last month’s decline, with monthly gains reported in the
Midwest, South, and West regions.
January 2024
U.S. existing-home sales slipped 1.0% month-over-month and were down
6.2% year-over-year as of last measure, while pending sales jumped 8.3%
from the previous month, marking the largest gain since June 2020,
according to the National Association of REALTORS® (NAR). Mortgage
rates have dropped significantly from their peak last fall, and homebuyers
are beginning to come out of the woodwork, with NAR forecasting a 13%
increase in existing-home sales this year compared to 2023.
December 2023
U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the
previous month and breaking a five-month streak in which sales declined,
according to the National Association of REALTORS® (NAR). Despite the
increase, sales were down 7.3% compared to the same period last year, as
affordability challenges continue to hinder prospective buyers. Most of this
period’s closed sales went under contract in October, when mortgage rates
were at a two-decade high. With rates having dropped more than a full
percentage point since then, existing-home sales may continue to pick up
in the months ahead.
November 2023
Low inventory, elevated sales prices, and decades-high interest rates
continue to weigh on the housing market, causing sales of existing homes
to fall to their slowest pace since August 2010. According to the National
Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1%
month-over-month and 14.6% year-over-year as of last measure, as
prospective buyers, faced with rising homeownership costs, wait for
mortgage rates, and home prices, to drop.
October 2024
U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0%
month-over-month and 15.4% year-over-year as of last measure, according
to the National Association of REALTORS® (NAR), as surging interest rates
and elevated sales prices continue to make homeownership unaffordable
for many prospective buyers. Purchase activity is down significantly
compared to this time last year, but rising interest rates are also keeping
many current homeowners from selling, causing inventory to remain at
historically low levels nationwide.
September 2023
National sales of existing homes recently fell to a 7-month low, as surging
borrowing costs, rising sales prices, and limited inventory continue to keep
many would-be buyers out of the market. Borrowers have become
increasingly sensitive to fluctuations in mortgage rates, which have
remained above 7% since mid-August. With fewer buyers able to afford the
costs of homeownership, existing-home sales declined 0.7% month-overmonth and were down 15.3% year-over-year, according to the National
Association of REALTORS®(NAR).
AUGUST 2023
Higher mortgage rates, along with elevated sales prices and a lack of
housing inventory, have continued to impact market activity during the
summer homebuying season. The average 30-year fixed-rate mortgage has
remained above 6.5% since May, recently hitting a two-decade high in
August, according to Freddie Mac. As a result, existing-home sales have
continued to slow nationwide, dropping 2.2% month-over-month as of last
measure, with sales down 16.6% compared to the same time last year,
according to the National Association of REALTORS® (NAR).