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Writer's pictureKim Clark, AE, GAD

Despite Inventory Rise, Home Buyers Remain Cautious

September Existing Home Sales: What the Numbers Tell Us About Buyer Caution


October 23, 2024 | REALTOR® Magazine | By: Melissa Dittmann Tracey


Home buyers may finally be finding more inventory options this fall, but they’re still being cautious about entering the real estate market, the National Association of REALTORS® reported Wednesday.

 

“Home sales have been essentially stuck at around a 4-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” says NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”

 

Total existing-home sales—which reflects completed transactions for single-family homes, townhomes, condominiums and co-ops—dropped 1% in September compared to August and are down 3.5% from a year ago, NAR’s latest housing report shows. At September’s seasonally adjusted annual rate of 3.84 million, this is the lowest sales activity for existing homes since October 2010. Meanwhile, the median price for an existing home was $404,500 in September, down from $416,700 in August but still up 3% from a year earlier.


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