The latest RE/MAX National Housing Report for October 2023 reveals a mixed bag of trends in the US housing market, with notable fluctuations in newly listed homes, home sales, and median sales prices across the 53 metro areas surveyed.
Homes sold in October spent an average of 36 days on the market, slightly longer than in September 2023 or October 2022. They also sold for an average of 99% of the listing price, mirroring figures from the previous month and year. The month’s supply of inventory was 2.3, marginally larger than September’s 2.1 but identical to October 2022.
Newly listed homes decreased by 5.0% compared to September 2023 and 1.3% compared to October 2022. The markets experiencing the most significant year-over-year decreases were Las Vegas, NV (-17.6%), Seattle, WA (-17.5%), and Indianapolis, IN (-13.0%). Conversely, San Francisco, CA (+14.2%), Miami, FL (+13.9%), and Tampa, FL (+13.6%) saw the largest increases in new listings.
Overall home sales were down 4.6% from September 2023 and 8.7% from October 2022. The markets with the steepest year-over-year sales decrease were Dover, DE (-26.9%), New Orleans, LA (-17.6%), Burlington, VT, and Trenton, NJ (both -15.9%). Only Salt Lake City, UT (+13.4%) and Milwaukee, WI (+2.7%) saw an increase in sales percentage year-over-year.
The median sales price across all 53 metro areas was $410,000, unchanged from September 2023 but up 2.8% from October 2022. Honolulu, HI (-4.1%), New Orleans, LA (-3.7%), Portland, OR, and San Antonio, TX (both -1.9%) observed the most considerable year-over-year decrease in median sales price. The markets with the biggest price increase were Trenton, NJ (+18.6%), Cleveland, OH (+12.5%), and Hartford, CT (+11.5%).
The average close-to-list price ratio for all metro areas was 99%, consistent with September 2023 and October 2022. Miami, FL (95%), Bozeman, MT, and New Orleans, LA (both 96%) had the lowest ratios, while Hartford, CT (104%) and San Francisco, CA (103%) had the highest.
The number of homes for sale in October 2023 increased by 4.6% compared to September 2023 but decreased by 6.9% compared to October 2022. In terms of supply, the markets with the least available inventory were Manchester, NH and Trenton, NJ (both at 0.9 months), followed by Seattle, WA (1.0 month). The highest months’ supply of inventory was found in Bozeman, MT (5.1 months), San Antonio, TX (5.0 months), and New Orleans, LA (4.4 months).
This comprehensive report showcases the dynamic nature of the US housing market, highlighting variances in metrics across different metro areas and offering valuable insights for both buyers and sellers.
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