Real Estate Info for the third week of November, 2024
Median Listing Price Declines Slightly - National
The median home listing price dipped by 0.7% compared to the same time last year, marking the 25th consecutive week where prices remained at or below 2023 levels. This ongoing trend reflects the steady nature of home prices since spring 2023. However, adjusting for a shift toward smaller homes in the market, the median listing price per square foot increased modestly by 1.5% compared to last year.
New Listings Show a Small Increase - National
New home listings rose by 3.5% this week compared to the same period last year, bringing a bit of optimism for buyers seeking fresh options. Despite this, higher mortgage rates may discourage many sellers—especially those with lower-rate loans—from entering the market. This reluctance could limit inventory in the coming months, keeping choices tight for buyers and creating competitive conditions for desirable properties. Sellers willing to list competitively may benefit from heightened visibility in this environment.
Active Inventory Grows, But at a Slower Pace - National
The number of homes for sale is 25.9% higher than it was a year ago, marking the 54th consecutive week of annual growth. However, this week’s increase is smaller than in previous weeks, reflecting the slowest growth since late March. A mix of subdued listing activity and cautious buyer demand has contributed to this deceleration, creating a more balanced but hesitant housing market.
Homes Spend More Time on the Market - National
Homes are staying on the market 10 days longer than they did this time last year, the largest increase in time since July 2023. This reflects buyer caution as they wait for better market conditions. For those ready to act, the current market—with increased inventory and fewer active buyers—may present an opportunity to secure a home with less competition and potentially favorable pricing.
For great local real estate information find a real estate professional who is active in your local area. I have found that most full time agents specialize in their own town and the five abutting towns.
Best wishes, Heath
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