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Explore Properties

October 2024

Market Update

October 2024 Market Update

Quick Take:

Affordability improved dramatically in Q3 2024 with the monthly mortgage payment for a 30-year loan down 10%. Prices are contracting slightly, which is the seasonal norm.
In September, the average 30-year mortgage rate declined for the third month to 6.08%, a 1.14% drop from the 2024 high reached in early May. The Fed also cut rates in September and will likely continue cutting them over the next six months.
Sales declined 2.5% month over month, falling to the lowest level in modern history, while inventory rose to its highest level since 2020. Better affordability hasn’t yet translated to higher sales.

Note: You can find the charts & graphs, as well as the full Market Update at the link above or click HERE.

*National Association of REALTORS® data is released two months behind, so we estimate the most recent month’s data when possible and appropriate.