{"id":78845,"date":"2024-11-15T05:00:39","date_gmt":"2024-11-15T13:00:39","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78845"},"modified":"2024-11-15T13:45:23","modified_gmt":"2024-11-15T21:45:23","slug":"existing-home-sales-rise-most-since-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/existing-home-sales-rise-most-since-2022\/","title":{"rendered":"Existing Home Sales Post Biggest Increase in Nearly Three Years"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Existing home sales rose 1.6% month over month in October to a seasonally adjusted annual rate of 4,179,346.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Many buyers who came off the sidelines when mortgage rates bottomed in September finalized their purchases in October, causing sales to rise.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>But rates jumped last month, which\u2014along with election jitters\u2014put a damper on demand; pending sales dipped, more buyers backed out of deals and homes sold at the slowest October pace in five years.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Redfin is seeing early signs that demand is increasing again now that the election is over.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Existing home sales rose 1.6% month over month in October\u2014the biggest gain since January 2022\u2014to a seasonally adjusted annual rate of 4,179,346. They climbed 1.7% year over year, the first annual increase since November 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> <img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78846\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/11\/EHS-1024x685.png\" alt=\"\" width=\"800\" height=\"535\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/11\/EHS-1024x685.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/11\/EHS-300x201.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/11\/EHS-768x514.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/11\/EHS-1536x1028.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/11\/EHS.png 1793w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall home sales, which include sales of both existing and newly-built homes, also posted a notable increase. They rose 1.6% month over month and 3.4% year over year to the highest level in over a year and a half on a seasonally adjusted basis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median home sale price increased 5.2% year over year to $435,313 in October\u2014the biggest annual gain in six months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home sales jumped in October because mortgage rates had just hit the lowest level in two years, giving buyers more <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-affordability-improves-mortgage-rates-drop\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">purchasing power<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">The Federal Reserve had also just made news by cutting its benchmark interest rate and outlining plans for future cuts. Redfin agents say some buyers entered the market because they assumed the September 18 <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-fed-decision-cut\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">decision<\/span><\/a><span style=\"font-weight: 400;\"> would cause mortgage rates to plunge, though by this point, most of the decline had already happened.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The average interest rate on a 30-year-fixed mortgage bottomed at <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.08%<\/span><\/a><span style=\"font-weight: 400;\"> during the week ending September 26. Noticing that rates were falling, many Americans started <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuyers-are-back-mortgage-rate-locks\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">touring<\/span><\/a><span style=\"font-weight: 400;\"> homes and making offers in September, which is why pending home sales <\/span><a href=\"https:\/\/www.redfin.com\/news\/pending-home-sales-rise-most-since-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">jumped<\/span><\/a><span style=\"font-weight: 400;\"> that month. Many of those pending transactions were finalized in October, fueling last month\u2019s rise in home sales. But the rise in <\/span><i><span style=\"font-weight: 400;\">pending<\/span><\/i><span style=\"font-weight: 400;\"> sales didn\u2019t last into October.<\/span><\/p>\n<h3><b>Pending Sales Dipped in October Amid Jump in Mortgage Rates, Election Uncertainty<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nPending sales fell 1.1% month over month on a seasonally adjusted basis in October. That\u2019s largely because mortgage rates shot up last month, <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuyers-lose-purchasing-power-october-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">erasing<\/span><\/a><span style=\"font-weight: 400;\"> much of the newfound purchasing power buyers gained over the summer. Mortgage rates now sit at <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.78%<\/span><\/a><span style=\"font-weight: 400;\">\u2014near the highest level since July. Demand was also likely sluggish last month because many prospective buyers decided to <\/span><a href=\"https:\/\/www.redfin.com\/news\/homebuying-delay-election-survey-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">hold off<\/span><\/a><span style=\"font-weight: 400;\"> until after the presidential election, and others were recovering from hurricanes in the Southeast.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some homebuyers got cold feet as economic uncertainty and election jitters gripped the country; roughly 53,000 home purchases were canceled in October, equal to 15.5% of homes that went under contract last month. That\u2019s the highest percentage in nearly a year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHomebuyers came off the sidelines when mortgage rates dropped, but now that rates spiked back up, things have slowed down again,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/stayce-mayfield\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Stayce Mayfield<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/16661\/MO\/St-Louis\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">St. Louis<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThat\u2019s partly because not all buyers who came off the sidelines actually locked in a rate, so now they\u2019re saying, <\/span><span style=\"font-weight: 400;\">\u2018Well wait, now I\u2019m getting quoted 7% when I thought I was going to get 6%.\u2019 Sellers are grappling with the same issue; those who locked in low rates during the pandemic and were considering selling and buying a new home are now wondering if they missed the boat.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The mortgage-rate rollercoaster isn\u2019t expected to end anytime soon. Rates will continue to see-saw as investors try to suss out the impact of a Trump presidency, and they\u2019ll likely stay elevated if President Trump moves forward with higher tariffs and tax cuts, <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-trump-presidency\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">according<\/span><\/a><span style=\"font-weight: 400;\"> to Redfin Economics Research Lead <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b>But There Are Early Signs That Demand Is Recovering Post-Election<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nRedfin is seeing early signs that demand has begun to recover now that the election is over. <\/span><span style=\"font-weight: 400;\">Demand from homebuyers requesting service through Redfin\u2019s site was about <\/span><a href=\"https:\/\/www.redfin.com\/news\/what-trump-reelection-could-mean-for-housing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">25%<\/span><\/a><span style=\"font-weight: 400;\"> higher this past weekend than the same weekend last year\u2014the largest year-over-year gain since the downturn began in 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While pending sales fell from a month earlier in October, they rose 3.5% from a year earlier\u2014the third consecutive year-over-year gain.\u00a0<\/span><\/p>\n<h3><strong>October 2024 Housing Market Highlights: United States<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<table>\n<thead>\n<tr>\n<th style=\"text-align: center;\"><\/th>\n<th style=\"text-align: center;\"><b>October 2024<\/b><\/th>\n<th style=\"text-align: center;\"><b>Month-over-month change<\/b><\/th>\n<th style=\"text-align: center;\"><b>Year-over-year change<\/b><\/th>\n<\/tr>\n<tr>\n<th><b>Median sale price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">$435,313<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.7%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">5.2%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Existing home sales, seasonally adjusted annual rate<\/b><\/th>\n<th><span style=\"font-weight: 400;\">4,179,346<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.7%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Pending home sales, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">479,799<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.1%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">3.5%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Homes sold, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">427,259<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">3.4%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>New listings, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">524,358<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.7%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Total homes for sale, seasonally adjusted (active listings)<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,682,247<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.0%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">11.8%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Months of supply<\/b><\/th>\n<th><span style=\"font-weight: 400;\">2.9<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.3<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.1<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Median days on market<\/b><\/th>\n<th><span style=\"font-weight: 400;\">41<\/span><\/th>\n<th><span style=\"font-weight: 400;\">2<\/span><\/th>\n<th><span style=\"font-weight: 400;\">7<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes sold above final list price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">27.7%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.8 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-4.0 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Average sale-to-final-list-price ratio<\/b><\/th>\n<th><span style=\"font-weight: 400;\">98.9%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.4 ppts<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Pending sales that fell out of contract, as % of overall pending sales<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">15.5%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.3 ppts<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><b>Monthly average 30-year fixed mortgage rate<\/b><\/a><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">6.43%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.25 ppts<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">-1.19 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<h3><b>The Typical Home Took 41 Days to Sell\u2014the Slowest October Pace in Five Years<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nThe typical home that sold in October spent 41 days on the market. That\u2019s one week slower than a year earlier and is the longest of any October since 2019. Just over one-third (35%) of homes that sold last month went under contract within two weeks, down from 40.4% a year earlier and the lowest October share since 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin agents say listings often sit on the market because they\u2019re overpriced, which has led to a pile-up of <\/span><a href=\"https:\/\/www.redfin.com\/news\/sales-speed-stale-listings-august-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">stale<\/span><\/a><span style=\"font-weight: 400;\"> listings; active listings of homes for sale rose to the highest seasonally-adjusted level in four years last month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuyers have more information than they\u2019ve ever had about pricing and previous sales, and they want to know that what they\u2019re getting is worth it for the price. That\u2019s why sellers need to price fairly in this market,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/cory-kirkland\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Cory Kirkland<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/4664\/OH\/Columbus\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/a><span style=\"font-weight: 400;\">. \u201cSellers are asking buyers to pay $500,000 for a home they bought in 2020 for $350,000 and didn\u2019t put any work into, and buyers are saying no.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just over one-quarter (27.7%) of homes that sold in October went for more than their asking price, down from 31.7% a year earlier and the lowest October share since 2019.<\/span><\/p>\n<h3><strong>Metro-Level Highlights: October 2024<\/strong><\/h3>\n<p><i><span style=\"font-weight: 400;\"><br \/>\nThe bullets below are based on a list of the 50 most populous U.S. metropolitan areas. Some metros may be removed from time to time to ensure data accuracy. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard in<\/span><\/i><i><span style=\"font-weight: 400;\"> the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted. All changes below represent year-over-year changes.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices rose most from a year earlier in Milwaukee (13.6%), Fort Lauderdale, FL (13.3%) and St. Louis (12.2%). They fell in just two metros: Austin, TX (-3.4%) and San Antonio (-1.3%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pending sales: <\/b><span style=\"font-weight: 400;\">Pending sales rose most in San Jose, CA (32.1%), San Francisco (25.3%) and Oakland, CA (22%). They fell most in Tampa, FL (-24.5%), West Palm Beach, FL (-15.7%) and Fort Lauderdale (-12.3%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closed home sales:<\/b><span style=\"font-weight: 400;\"> Home sales rose most in Seattle (26.9%), Sacramento, CA (20.1%) and Portland, OR (18.3%). They fell most in Fort Lauderdale (-16.3%), Tampa (-15.6%) and Miami (-14.1%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New listings: <\/b><span style=\"font-weight: 400;\">New listings rose most in Seattle (23.5%), Anaheim, CA (17.5%) and Sacramento (17.4%). They fell most in Tampa (-27.3%), Atlanta (-14.5%) and West Palm Beach (-11.7%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Active listings:<\/b><span style=\"font-weight: 400;\"> Active listings rose most in Cincinnati (39.7%), Fort Lauderdale (36.6%) and San Diego (36.5%). They fell in two metros: New York (-4.4%) and Atlanta (-1.4%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sold above list price:<\/b><span style=\"font-weight: 400;\"> In San Jose, 64.4% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came Newark, NJ (62.5%) and San Francisco (60.8%). The lowest shares were in West Palm Beach (6.2%), Miami (9.2%) and Fort Lauderdale (10%).<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Existing home sales rose 1.6% month over month in October to a seasonally adjusted annual rate of 4,179,346. Many buyers who came off the sidelines when mortgage rates bottomed in September finalized their purchases in October, causing sales to rise. But rates jumped last month, which\u2014along with election jitters\u2014put a damper on demand; pending sales [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":78847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32,623],"coauthors":[125],"class_list":["post-78845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Existing Home Sales Post Biggest Increase in Nearly Three Years<\/title>\n<meta name=\"description\" content=\"Existing home sales rose to a seasonally adjusted annual rate of 4,179,346 in October and are on pace to finish this year higher than last year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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