RE/MAX NATIONAL HOUSING REPORT FOR NOVEMBER 2024

Core Insights - November home sales increased by 6.3% year-over-year, marking the seventh month in 2024 to surpass 2023 figures, although there was an 11.6% decline from October due to seasonal slowdown [1][6] - Inventory levels rose by 25.0% year-over-year but fell by 4.3% from October, indicating a mixed market response [2][17] - The median sales price reached $429,000, up 5.7% from November 2023 but down 0.2% from October 2024, reflecting price stabilization [2][12] Sales and Inventory Trends - New listings were up 8.5% year-over-year but down 23.5% month-over-month, with notable increases in Phoenix (+29.8%), Las Vegas (+27.7%), and Honolulu (+26.6%) [2][4] - Closed transactions saw a 6.3% increase year-over-year, with significant growth in Bozeman (+45.8%), Coeur d'Alene (+27.9%), and Portland (+26.9%), while Miami experienced a decline of 13.0% [6][12] - The average days on market increased to 47 days, up from 40 days in November 2023, indicating a slower sales pace [7][14] Market Dynamics - The months' supply of inventory rose to 2.9, up from 2.6 in both November 2023 and October 2024, suggesting a more balanced market [7][17] - Buyers paid an average of 99% of the asking price, consistent with previous years, indicating stable buyer sentiment [7][12] - Sellers are offering concessions, creating opportunities for negotiation in a market where inventory is taking longer to sell [4][6] Regional Highlights - The Nashville market mirrored national trends with year-over-year increases but month-over-month declines in sales and inventory [3] - Markets with the highest days on market included Bozeman (78 days) and Coeur d'Alene (77 days), while Baltimore had the lowest at 15 days [14][15] - The highest close-to-list price ratios were observed in Hartford (102.8%) and San Francisco (102.5%), indicating competitive bidding in those areas [12][13]