As the fall season approaches, the U.S. housing market is experiencing a notable increase in new listings, offering more options for prospective buyers.
📈 Key Highlights:
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Rise in New Listings: In August 2024, newly listed homes for sale increased by 1.6% compared to July and were up 7.9% year-over-year. Notably, new listings have remained above 2023 levels in seven of the first eight months of 2024.
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Median Sales Price: The median sales price in August was $440,000, a slight decrease of 1.1% from July. However, this price still reflects a 3.5% increase compared to August 2023.
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Inventory Growth: Total housing inventory continued its upward trend, marking the sixth consecutive month of growth. In August, inventory was up 2.4% from July and a significant 37.6% from the previous year.
🏘️ Notable Increases in Specific Markets:
Several metropolitan areas experienced substantial year-over-year increases in new listings:
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Phoenix, Arizona: 25% increase
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San Diego, California: 24.4% increase
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Dover, Delaware: 22.8% increase
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Las Vegas, Nevada: 20.4% increase
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Houston, Texas: 18.6% increase
Despite the rise in new listings, home sales saw a slight decrease of 3.3% from July.
💬 Expert Insight:
Amy Lessinger, President of RE/MAX, commented on the market dynamics:
“While we saw a slight dip in sales month over month, the market continues to show resilience with some year-over-year price growth. The rise in new listings signals that more homeowners are recognizing the value of listing in today’s environment. Buyers and sellers alike can find opportunity, especially with a steady flow of homes entering the market.”
For those considering entering the housing market, this increase in inventory presents a timely opportunity. Connecting with a knowledgeable real estate professional can provide valuable guidance tailored to your local market.
For more detailed information, you can read the full article on the RE/MAX News website: More New Listings Hitting the U.S. Market Heading Into Fall.
