New home sales are up!

Nationally, the housing market is showing good signs of strength and balance as we move into the fall season. New single-family home sales saw a solid 4.1% increase in September, reaching their highest levels in over a year. Current inventory is up more than 200% since 2022, and prices are also adjusting—down 7.4% from their peak last year. However, not all areas are seeing this adjustment. Be sure to ask your realtor what adjustment has taken place in your market. 

Existing homes saw a slight dip in sales last month, though price growth has slowed to a more manageable 3% annually. Resale inventory is steadily increasing too, with a 4.3-month supply now, approaching the balance we typically see at five months. This is great news for buyers who now have more opportunity, availability, and time to make a well educated decision. 

Looking ahead, Fannie Mae projects that while economic growth may be modest through this year and next, 2025 is expected to bring an increase in home sales and a 3.6% rise in home prices, fueled by a more balanced pace of consumer spending. This trend points toward a hopeful and sustainable future for both buyers and sellers. 

If you have questions about the current market in our area or if you need to figure out your home's value, CONTACT US! We are always happy to help and there is no obligation. 

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