DENVER, CO — In September, the housing market across 52 metro areas experienced its seventh consecutive month of increased home inventory, rising by 6.4% since August and 33.6% compared to the previous year, according to the RE/MAX National Housing Report. New listings also saw a 9.7% increase from September 2023, offering buyers more options despite a seasonal slowdown in sales.
Home sales fell by 13.3% from August, aligning with typical seasonal patterns. Compared to a year ago, sales were down 3.1%, while the median sales price was 4.6% higher at $429,000. This marks the 15th consecutive month of year-over-year price growth, highlighting a resilient market in terms of pricing.
RE/MAX President Amy Lessinger noted the encouraging trend of growing inventory, which provides buyers more choices. Despite a cooling in sales, buyers continue to pay 99% of the asking price, indicating a stable market. She suggests that lower mortgage rates could stimulate further activity as the year ends.
In Atlanta, inventory has steadily increased by 63% since January. However, Kristen Jones from RE/MAX Around Atlanta pointed out that inventory remains particularly low for homes priced under $500,000. While sales have risen in higher price brackets, significant rate reductions are needed to drive substantial change.
Key metrics reveal that the average days on market increased to 40 days, up two days from August and five days from a year ago. Buyers consistently paid 99% of the asking price, maintaining the same ratio as previous months.
Regionally, Bozeman, MT saw a 35.9% jump in new listings year-over-year, while Tampa, FL experienced a 12.3% decline. In terms of sales, Coeur d’Alene, ID led with a 17.2% increase, while Tampa also saw a notable drop of 21.9%.
The months’ supply of inventory rose to 2.7 in September, up from 2.1 a year ago, indicating a shift towards a more balanced market. Miami, FL recorded the highest inventory supply at 6.4 months, contrasting with Manchester, NH’s low of 1.1 months.
As the housing market navigates these shifts, potential buyers are advised to stay informed and ready to act on opportunities, keeping an eye on potential changes in mortgage rates that could impact affordability and purchasing power.
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