Industry News
The latest report from the National Association of REALTORS® (NAR) shows encouraging signs for the U.S. housing market, with existing-home sales gaining momentum in October. This growth is reflected in all four major U.S. regions, though the Northeast remained steady year-over-year.
Key Highlights for October 2024:
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Sales Growth:
Existing-home sales, including single-family homes, townhomes, condos, and co-ops, rose 3.4% from September to an annualized rate of 3.96 million. Year-over-year, sales increased by 2.9%.
NAR Chief Economist Lawrence Yun noted, “The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions. Additional job gains and economic growth appear assured, fueling housing demand. Mortgage rates, while elevated, are expected to stabilize.” -
Inventory Trends:
Total housing inventory climbed to 1.37 million units, a 0.7% increase from September and a significant 19.1% rise compared to a year ago. Despite this growth, unsold inventory now sits at a 4.2-month supply, slightly lower than September but up from 3.6 months in October 2023. -
Home Prices:
The median price for existing homes reached $407,200, a 4% increase from October 2023. All four regions experienced price growth, continuing to bolster homeowners’ wealth nationwide.
Regional Performance: Northeast Holds Steady
While other regions reported year-over-year sales increases, the Northeast remained unchanged at an annualized rate of 470,000. Prices in the region surged 7.6% from the previous year, with a median home price of $472,900.
Calgary, November 1, 2024 — The National Association of Realtors® (NAR), through its strategic investment arm, Second Century Ventures (SCV), has selected eight high-potential companies for the 2025 REACH Canada program. These firms, each innovating within distinct market segments, offer cutting-edge productivity and efficiency solutions aimed at real estate professionals while tackling broader housing and community challenges. The announcement marks an exciting advancement in technology-driven real estate services with a global reach.
Innovation and Impact in Real Estate “The vision for REACH and Second Century Ventures has remained crystal clear: to empower industry innovators to work hand in hand with agents and brokers, enhancing services that support seamless operations, secure transactions, and pathways to new opportunities,” said Dave Garland, SCV’s managing partner. This focus on fostering tech-based solutions in real estate highlights SCV's commitment to adaptability, efficiency, and security, enabling real estate professionals to better meet evolving client demands in a dynamic market.
As the most active venture fund globally in real estate technology, SCV has invested in over 280 companies worldwide. Operating in seven major markets—including Canada, the U.S., the UK, Australia, and Israel—the REACH program scales promising companies by providing mentorship, resources, and exclusive networking opportunities tailored for the real estate sector.
The latest data from the National Association of REALTORS® (NAR) brings promising news for the real estate market, as pending home sales saw a significant uptick in September. With all four major regions in the U.S. experiencing month-over-month growth in transactions, the Northeast and West are notably leading the charge with year-over-year increases as well.
Key Takeaways for the Northeast Market
For NCJAR members, the Northeast region's growth is particularly relevant. In September, the Pending Home Sales Index (PHSI) for our region rose 6.5% month-over-month to reach 65.6, marking a 3.3% increase from the same time last year. This rise reflects increased activity and may signal more opportunities ahead as buyers responded to slightly lower mortgage rates and increased housing choices during late summer.
As Realtors®, we do much more than facilitate transactions—we shape the communities we serve. This belief is at the heart of the National Association of Realtors® (NAR) Good Neighbor Awards, which recently celebrated its 25th year of honoring agents who go above and beyond through exceptional volunteerism. The 2024 Good Neighbor Awards spotlight five standout Realtors® whose charitable efforts are making a lasting impact.
