American homeowners are looking to sell but who’s buying?
RE/MAX released its National Housing Report for September on Tuesday. For the sixth month in a row, Americans have pushed up the numbers on inventory with more listings on the market, but high interest rates continue to slow down sales.
The 9.6 percent jump in inventory marks the largest month-over-month rise since July 2022. However, those numbers are still below 8.6 percent when compared to September 2022 levels.
Meanwhile, sales declined 13.8 percent from August and 17 percent from this time last year.
But is it just the market or are other factors at play? RE/MAX president and CEO Nick Bailey says the natural seasonal slowdown should also be considered.
“We’re seeing some seasonal trends in play,” says RE/MAX President and CEO Nick Bailey. “The dip in sales followed typical seasonality, and the increase in inventory on the market was much needed to balance previous low inventory. And that’s good news for buyers who choose to enter the market this fall.”
Look to Baltimore and Manchester for fast turnarounds, higher sale prices
Time on the market depends on location, but the national average for home sales in September was 35 days, up from 34 in August and September 2022. Some areas in the northeast are experiencing quicker turnaround. The metro areas with the lowest days on market were Baltimore, MD at 12, followed by a tie between Dover, DE and Trenton, NJ at 13.
On the opposite end, the highest days on market averages were in Fayetteville, AR at 71, Coeur d’Alene, ID at 69, and San Antonio, TX at 64.
The median national sales price has dipped slightly to $415,000. That’s down 2.4 percent compared to last month, but up 2.5 percent when compared to September 2022. Manchester, NH has experienced the biggest year-over-year increases, jumping 11.7 percent. Wichita, KS is also hot, with a double digit rise of 11.6 percent. Hartford, CT rounds out the top three with an increase of 9.8 percent.
Sales are sliding in Houston, TX, with a decrease of 2.5 percent year-over-year. Las Vegas and Phoenix, AZ were tied at 1.9.
