Saddle Brook, NJ – November 25, 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.
There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
“2024 was a tough year for real estate sales with all the rule changes and with the tightening home market. I think 2025 presents a unique opportunity for home sales, as inventory should start to increase significantly as prices begin to drop along with a drop in long term interest rates. REALTORS® that stick it out will find a unique opportunity to extend their business, while those that leave the industry, because of this past year, will most likely deeply regret it," states Greater Bergen REALTORS® 2024 Vice President, Jim Arakelian.
Highlights From October 2024 Report:
- Single Family Closed Sales increased 5.2 percent to 381.
- Townhouse-Condo Closed Sales increased 17.6 percent to 194.
- Adult Communities Closed Sales decreased 46.2 percent to 7.
- Single Family Median Sales Price was up 9.7 percent to $751,500.
- Townhouse-Condo Median Sales Price was up 14.6 percent to $475,750.
- Adult Communities Median Sales Price was up 20.0 percent to $510,000.
Click Here for the full ShowingTime report for the month of October 2024.
Data as of November 20, 2024. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2024 ShowingTime Plus, LLC.