October’s housing market showed unexpected strength, with home sales rising 6.7% from September and climbing 8.4% year-over-year. So far in 2024, home sales have outpaced 2023 in six of the year’s first 10 months, signaling continued momentum.
Although new listings dipped by 0.7% from the previous month, they were up 14.8% compared to October 2023. Active inventory grew just 0.6% month-over-month, marking the smallest increase since February, yet it surged 28.4% from the same month last year.
The median sale price saw a slight increase of 0.3% from September, reaching $430,000—up 4.9% year-over-year. This marks the 16th consecutive month of year-over-year price gains. RE/MAX President Amy Lessinger noted, “October brought some encouraging momentum,” citing lower mortgage rates and a boost in buyer activity.…