Home Sales Are Picking Up Again This Fall
If you have been watching for a little good news in the housing market, here it is. The National Association of Realtors reports that existing home sales ticked up in September as buyers stepped off the sidelines to take advantage of slightly lower mortgage rates and a wider selection of homes. You can read the full report here: Home Sales Rebound Takes Root This Fall.
What The Data Says
The housing market data shows that sales rose month over month by about 0.05% and were up a little over 4% from a year earlier. The average 30 year fixed rate in September was about 6.35%, down from the near 7% peaks seen earlier this year. According to the analysis, simply shopping rates with multiple lenders has saved some buyers meaningful money over the life of a loan and trimmed monthly payments for many. Inventory grew as well and time on market stretched to about 33 days, which gives buyers a touch more room to breathe than they had last year. First time buyers made up 30% of sales, up from 26% a year ago.
Prices And Equity
The median sales price across all housing types came in near $415,000, which is a little more than 2% higher than last year. Appreciation is calmer than the frenzy of the past several years, but many owners are still building wealth and very few sales are distressed. That equity is helping sellers move cleanly into their next home.
Cash Is Still Powerful
Roughly 3 in 10 sales closed with cash in today’s housing market. In several Sun Belt markets the cash share is far higher. Cash buyers continue to move quickly and often win when competition appears, both at the lower and the upper ends of the market.
Regional Picture
The West led the rebound with sales up about 5.5% in one month. The South also improved, the Northeast posted a modest gain, and the Midwest eased a bit from August while remaining above last year. Prices rose year over year in all four regions, with the widest gains in the Midwest and Northeast.
What This Means For You
- Buyers have a little more selection and a little more time. Use it well by getting fully underwritten, comparing several rate quotes, and watching for price reductions that line up with your budget.
- Sellers should lean into presentation and pricing. Homes that are prepared well and priced to the current moment are still selling, and many are selling with strong terms.
- Everyone should remember that this market feels more normal than the last few years. The speed of 2020 through 2024 was never meant to last. This fall looks like a healthy return to steady activity with real opportunities on both sides of the table.
Want Local Guidance
If you are thinking about buying or selling, I can connect you with a vetted real estate agent in your market who can translate these national trends into a plan for your street and your price point. Reach out and I will make a warm introduction today.
