Cover of the NAR Monthly Research Update report

Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.

October 2024

Data

Existing-Home Sales

Existing-home sales drew back in September. Three out of four major U.S. regions registered sales declines, while the West experienced a sales bounce. Year-over-year, sales fell in three regions but grew in the West. Total existing-home sales receded 1.0% from August to a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales waned 3.5% (down from 3.98 million in September 2023). 

Pending Home Sales

Pending home sales rose in September. All four major regions experienced month-over-month gains in transactions. Year-over-year, the Northeast and West registered increases while sales remained steady in the Midwest and South. The Pending Home Sales Index jumped 7.4% to 75.8 in September, the highest level since March (78.3). Year-over-year, pending transactions ascended 2.6%. An index of 100 is equal to the level of contract activity in 2001.

Housing Affordability Index

Housing affordability rose to 98.6 in August from 93.8 in July. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home. 

REALTORS® Confidence Index

57% of respondents reported that properties sold in less than one month. This is down from a month ago (60%) and 69% in September 2023. First-time buyers represented 26% of buyers, flat from August 2024 and down 27% from September 2023. 30% of buyers had all-cash sales, up from 26% one month ago and 29% one year ago. 

Reports

Articles From the Economists' Outlook Blog

Instant Reactions

Download the full reportpdf

 

Advertisement