October 23, 2024
The housing market is reallllly slowing down.
But prices? Yeah, those…are still going up.
That’s according to the national association of realtor’s Existing Home Sales report for September. It found, despite lower mortgage rates and more inventory on the market the sale of existing homes nationwide slowed down to a level we haven’t seen since 2010. In September it slowed down 1% compared to august and slowed down 3.5% since September of last year.
As for the number of existing homes on the market…that’s up too. 1.5% more units were on the market in September when compared to august and 23% more units were on the market compared to September of 2023.
We know mortgage rates have been dropping so then why are home buyers still sitting on the sidelines?
Well – it’s probably because of the price of those homes.
Just so we’re clear, when I talk about existing homes – that includes single family homes, townhomes, condos and co-ops that are not new construction. And according to the national association of realtors, prices on all of those increased nationwide and increased region by region.
The most expensive homes were in the West where the median existing home price was up 1.7% from last year to $616,400.
The second most expensive homes were in the Northeast where the median existing home price was up 6% from last year to $467,100.
The third most expensive homes were in the South where the median existing home price was up 0.8% from last year to $359,700.
And the least most expensive homes were in the Midwest where the median existing home price was up 5% from last year to $306,600.
