PULSE
Monthly Real Estate Insights
Stay up-to-date with the latest local and national real estate insights in our monthly update! Each month, we bring you a concise overview of key market trends, housing inventory shifts, mortgage rate changes, and economic factors impacting property values.
Whether you’re buying, selling, or simply interested in the market, bookmarking this page will keep you informed with expert analyses and forecasts that help you make well-timed decisions. Have questions or want to discuss what these trends mean for you? Don’t hesitate to reach out—I’m here to help!
November 2024
October 2024 saw a 5.5% increase in U.S. existing-home sales from September and a 5% rise year-over-year. Median sales prices for single-family homes and condos/co-ops increased by 4.1% and 1.6%, respectively. Listings rose slightly from September and surged 19% compared to October 2023, marking the highest inventory levels in four years, though still below pre-pandemic norms.
Key market highlights include:
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Price Adjustments: Price reductions were up 17% year-over-year.
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Buyer Behavior: 59% of homes went under contract in less than a month (down from 66% in October 2023), 19% sold above list price (versus 28% last year), and 27% of buyers paid all-cash.
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Market Dynamics: Median days-on-market rose to 29 days (from 23 days last year), and sold listings averaged 2.5 offers.
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Closing Challenges: In the past three months, 15% of contracts faced delays (half due to appraisal issues), and 5% were terminated.
Economic indicators show mixed signals:
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Interest Rates: As of November 21, 30-year mortgage rates were just below 7%, up from early October levels.
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Inflation and Fed Action: Inflation ticked up, while the Federal Reserve reduced its benchmark rate by 0.25%.
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Consumer Sentiment: Consumer confidence reached a six-month high, while stock markets hovered near record levels.
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Looking ahead, December is typically the slowest month for new listings and sales, except in "snowbird" markets. Buyers may find stronger negotiating power on homes with extended market durations.
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Please note that reports are broad generalizations that summarize conditions and trends across thousands of local markets. While the data is sourced from reliable institutions, some inaccuracies may be present.
