November 2024- New Listings Up

Queensbury, NY- U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.

New Listings were up 2.6 percent to 315. Pending Sales increased 23.8 percent to 312. Inventory grew 4.0 percent to 892 units.

Prices moved lower as the Median Sales Price was down 0.8 percent to $367,000. Days on Market increased 14.3 percent to 32 days. Months Supply of Inventory remained flat at 2.7.

The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.

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.