September 2024- Median Sales Price Increased Year-Over-Year

Queensbury, NY- U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.

New Listings were up 3.0 percent to 480. Pending Sales decreased 5.4 percent to 369. Inventory grew 13.3 percent to 1,059 units.

Prices moved higher as the Median Sales Price was up 3.3 percent to $387,500. Days on Market decreased 22.6 percent to 24 days. Months Supply of Inventory was up 13.8 percent to 3.3 months.

Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.

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.