Cover of the NAR Monthly Research Update report

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

Articles From the Economists' Outlook Blog

Download the full reportpdf

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