Newsflash: Prices still at record levels even as existing-home sales tick up

In October 2024, the U.S. housing market experienced a notable increase in existing-home sales, rising by 1.5% from the previous month. This marks the first uptick since February, indicating a potential shift in market dynamics.

Key Highlights:

• Sales Volume: Approximately 4.2 million existing homes were sold in October, reflecting a 14.6% decrease compared to the same period last year.

• Median Home Price: The median price for existing homes remained steady at $391,800, showing a 3.4% increase from October 2023.

• Inventory Levels: Housing inventory declined by 5.7% from September, with a 3.3-month supply at the current sales pace, indicating a continued seller's market.

Regional Insights:

• Northeast: Sales increased by 2.9%, with a median price of $418,700.

• Midwest: Experienced a 1.8% rise in sales, with median prices at $294,500.

• South: Sales grew by 1.2%, with a median price of $352,700.

• West: Saw a 1.1% increase in sales, with median prices at $606,600.

Market Dynamics:

The recent increase in existing-home sales suggests a potential stabilization in the housing market. However, the combination of limited inventory and sustained price growth continues to pose challenges for prospective buyers. Industry experts advise that affordability remains a significant concern, particularly for first-time homebuyers.

Looking Ahead:

As the market adapts to evolving economic conditions, potential buyers and sellers should stay informed about trends in home prices, inventory levels, and regional variations. Engaging with real estate professionals can provide valuable insights tailored to individual circumstances.

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About us: Prosper New Construction Expert Real Estate Agent

As a Top Real Estate Professional in Prosper, I understand the challenges that arise when buying a new construction home. There are over 100 builders in the DFW area. I work with most of the new home builders in Prosper and understand how various builders operate. I am familiar with the options they offer, current incentives and I frequently visit the upcoming communities they are building. I guide my clients through all steps of the new home construction process and aggressively protect their interests in the transaction.

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Whether you are a first time buyer in Prosper looking to buy a home in Fields or whether you are relocating to Prosper from California or moving your entire family from areas like San Francisco, Fremont, Palo Alto, Los Angeles, San Diego in California due to job transfer with your company, I can help you find a new construction home in Prosper. Our relocation team eases the transition - whether you are moving across town or across the globe. We will work with you to find an area that best suits your professional, family and lifestyle needs. We have all the tools you need to help your home search. Whether it is video previews of homes, extended work hours, digital signatures for documents or more, we can make this process as comfortable as possible no matter where you are located.

What is most important to you in your new construction home in Fields in Prosper? Send us an email at info@NitinGuptaDFW.com or give us a call at (469) 269-6541 to schedule a no-obligation consultation. We’ll give you honest advice about Prosper that you can use to help make your home-buying decision.