U.S. Home Sales Rebound in October 2024
U.S. Home Sales Rebound in October 2024
In October 2024, U.S. existing home sales increased 3.4% to an annualized rate of 3.96 million units. This is the first year-over-year growth since mid-2021, driven by falling mortgage rates and improved housing affordability. Understanding these trends provides valuable insights for buyers and sellers to make more informed decisions in a dynamic housing market.
First year of growth since 2021
The U.S. housing market experienced a pivotal shift in October 2024, with existing home sales rising 3.4%. This increase broke a two-year streak of declining sales, signaling renewed activity in the housing sector. The annualized rate of 3.96 million units indicates a stabilizing trend as the market recovers from recent economic fluctuations. This data comes as a relief to buyers and sellers alike who have navigated a challenging landscape over the past few years.
The impact of falling mortgage rates
One of the primary drivers behind this increase in home sales is the recent decline in mortgage rates. As interest rates fell in late summer and early fall, potential buyers who had been priced out of the market found themselves with more purchasing power. Lower borrowing costs made monthly mortgage payments more affordable, encouraging many first-time homebuyers to enter the market. Sellers, too, benefited from increased buyer interest, which helped reduce inventory levels in certain regions.
Improved housing affordability
Housing affordability also played a key role in October’s sales growth. As median home prices stabilized or even declined in some areas, more households were able to participate in the market. This trend was particularly evident in suburban and rural areas, where housing demand was fueled by remote work opportunities. Buyers sought more spacious and less expensive options outside of expensive urban centers, contributing to the increase in sales.
Regional variations in sales trends
While national trends show an overall increase, regional variations tell a more nuanced story. Southern and Midwestern states saw the most significant improvements in sales, driven by lower housing costs and population growth in these areas. Meanwhile, high-cost markets on the West Coast continued to face affordability challenges, limiting their recovery. These regional differences underscore the importance of localized market analysis for buyers and sellers making strategic decisions.
What it means for buyers and sellers
The October 20-24 data provides a roadmap for navigating the housing market in the coming months. For buyers, now may be the time to act as mortgage rates remain favorable and inventory levels slowly adjust. Sellers can take advantage of increased buyer activity and potentially receive better offers as demand increases. However, both groups should remain vigilant and monitor economic indicators such as inflation and future interest rate changes that could impact the housing market in 2025.
The 3.4% increase in existing home sales from October 20-24 represents a promising shift for the U.S. housing market. Falling mortgage rates and improving affordability have created opportunities for both buyers and sellers. As the market shows signs of recovery, staying on top of economic and regional trends will be key to making smart real estate decisions in an evolving landscape.
Jack C Bharat
AmeriGroup Residential & Commercial Properties. Inc.
122-15 111th Avenue, S Ozone Park, NY 11420
Email: jackcbharat@gmail.com
Phone: (718) 805-6982
Jack C Bharat has been in the Real Estate Business since 2003. As a Realtor & Developer, his experience in buying dated, distress or fixer upper and renovated them back for resale can help both buyers and sellers in their transactions. Graduated in 1999 from Queens College (CUNY) Flushing, with a Bachelors of Arts Degree and in 2012 from LaGuardia College with Goldman Sachs 10K Small Business Certificate Of Entrepreneurship, Mr Bharat is always educating himself to stay current and sometimes ahead of Real Estate Market Trends. He is currently a Notary Public in the State of NY as well.
Mr Bharat has completed real estate projects in New York-Queens & Long Island, Florida-Ocala & Coral Springs & recently (Nov 2023) 8 Units Apt in Providence, Guyana. His passion for creating projects that blend functional modern architectural design in harmony with the natural environment are evident in his most recent commercial project in Providence Guyana, currently under initial phase of construction. Mr Bharat also is the CEO of Liberty Office Supplies & Equipment, Inc. A Certified Minority Business Enterprise (MBE) with New York City & New York State. Established in May 1999, Liberty provides a wide range of office supplies and work as a sourcing company for the Federal Government by being a GSA schedule holder.
Jack is Licensed as a Real Estate Broker in State of New York and in the State of Florida. He has knowledge in both residential and commercial sales. His motto “Working with Clients to achieve their real estate goals” is what drive him to be on top of his game. He is very involved in his community especially with social and educational issues. He is the proud sponsor of a local Cricket Team, Boxing and donates his time and money to various organizations that work with children, abuse victims and the elderly. He is cited by NYC Mayor’s Office, NYS Assembly and NYC Council for his leadership role in his community.
Mr Bharat has three daughters: Alicia who graduated with her Masters Of Science in Education from Queens College and is now a STEM Teacher with the NYC Dept of Education, Kayla who has recently (2024) graduated from CUNY School for Public Health with her Masters of Public Health in Environmental & Occupational Health Sciences & works as an Environmetal Health & Safety Specialist with Sloan Kettering Cancer Ctr. and Jessica who is currently enrolled as a senior at Queens College pursing her goal as a Dentist.
Mr Bharat has completed real estate projects in New York-Queens & Long Island, Florida-Ocala & Coral Springs & recently (Nov 2023) 8 Units Apt in Providence, Guyana. His passion for creating projects that blend functional modern architectural design in harmony with the natural environment are evident in his most recent commercial project in Providence Guyana, currently under initial phase of construction. Mr Bharat also is the CEO of Liberty Office Supplies & Equipment, Inc. A Certified Minority Business Enterprise (MBE) with New York City & New York State. Established in May 1999, Liberty provides a wide range of office supplies and work as a sourcing company for the Federal Government by being a GSA schedule holder.
Jack is Licensed as a Real Estate Broker in State of New York and in the State of Florida. He has knowledge in both residential and commercial sales. His motto “Working with Clients to achieve their real estate goals” is what drive him to be on top of his game. He is very involved in his community especially with social and educational issues. He is the proud sponsor of a local Cricket Team, Boxing and donates his time and money to various organizations that work with children, abuse victims and the elderly. He is cited by NYC Mayor’s Office, NYS Assembly and NYC Council for his leadership role in his community.
Mr Bharat has three daughters: Alicia who graduated with her Masters Of Science in Education from Queens College and is now a STEM Teacher with the NYC Dept of Education, Kayla who has recently (2024) graduated from CUNY School for Public Health with her Masters of Public Health in Environmental & Occupational Health Sciences & works as an Environmetal Health & Safety Specialist with Sloan Kettering Cancer Ctr. and Jessica who is currently enrolled as a senior at Queens College pursing her goal as a Dentist.
