Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.
September 2024
Data
Existing-Home Sales
Existing-home sales fell in August. Three out of four major U.S. regions posted sales declines, while the Midwest registered no change. Year-over-year, sales slipped in three regions but remained stable in the Northeast. Total existing-home sales descended 2.5% from July to a seasonally adjusted annual rate of 3.86 million in August. Year-over-year, sales retracted 4.2% (down from 4.03 million in August 2023).
Pending Home Sales
Pending home sales in August rose by 0.6%. The Midwest, South, and West posted monthly gains in transactions, while the Northeast recorded a loss. Year-over-year, the West registered growth, but the Northeast, Midwest and South declined. An index of 100 is equal to the level of contract activity in 2001.
Housing Affordability Index
Housing affordability rose to 95 in July from 93.3 in June. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home.
REALTORS® Confidence Index
60% of respondents reported that properties sold in less than one month. This is down from a month ago (62%) and 72% in August 2023. First-time buyers represented 26% of buyers, down from 29% in July 2024 and August 2023. 26% of buyers had all-cash sales, down slightly from 27% one month ago and 27% one year ago.
Reports
- Member Safety: Residential
- Member Safety: Commercial
- REALTORS® & Sustainability in Commercial Real Estate
- August 2024 Commercial Real Estate Market Insights
- Association Profile (Member login required)
- Commercial Real Estate Metro Market Reports
- Residential Real Estate Market Snapshot
Articles From the Economists' Outlook Blog
- Existing-Home Sales Slide in August 2024
- The Upcoming Rate Cut: 5 Things Home Buyers Should Consider
- HMDA and Housing Demand
- Trends in Housing Affordability: Who Can Currently Afford to Buy a Home?
- What Is “Demure and Mindful” to Real Estate? Let’s Look at First-time Buyers
- From Savings to Student Loans: The Financial Realities of Single Female Home Buyers
- Fresh Faces, New Perspectives: Diversity Among New REALTORS® in 2024