August 2024- Median Sales Prices fall but demand continues to outpace supply

Queensbury, NY- U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downtrend of recent months.

New Listings were down 8.4 percent to 545. Pending Sales increased 3.8 percent to 409. Inventory grew 8.3 percent to 1,036 units.

 Prices moved lower as the Median Sales Price was down 5.1 percent to $370,000. Days on Market increased to 31.8 percent to 29 days. Months Supply of Inventory was up 6.7 percent to 3.2 months.

Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.

Residential activity in the counties of Essex, Hamilton, Saratoga, Warren, and Washington is composed of single-family properties, townhomes, and condominiums combined.  Percent changes are calculated using rounded figures.