Title: 2024 Existing Home Sales and Prices Show Wide Disparities Across the United States
The 2024 existing home sale counts and median prices have shown significant variations across different markets in the United States, according to a recent study. The study compared the 2024 figures with the year-over-year and average figures from 2017-2019 to highlight the changes in the real estate market over the years.
Topping the list is Toledo, OH, with a 14.0% increase in existing home sale counts year-over-year and a 5.2% increase compared to the 2017-2019 average. The median sale price of existing homes in Toledo also saw an 8.3% year-over-year increase and a 43.4% increase compared to the 2017-2019 average.
On the other hand, Portland-Vancouver-Hillsboro, OR-WA, saw a substantial 25.6% decrease in existing home sale counts year-over-year and a 61.3% decrease compared to the 2017-2019 average. The median sale price of existing homes in this market also experienced a 7.4% decrease year-over-year and a significant 23.7% decrease compared to the 2017-2019 average.
Other notable markets include Oxnard-Thousand Oaks-Ventura, CA, which saw an 18.0% increase in existing home sale counts year-over-year, and Riverside-San Bernardino-Ontario, CA, with a 13.8% increase. Meanwhile, markets such as San Francisco-Oakland-Berkeley, CA, and Austin-Round Rock-Georgetown, TX, saw decreases of 0.8% and 11.7% in existing home sale counts year-over-year, respectively.
When it comes to the median sale price of existing homes, Honolulu, HI, saw a decrease of 1.9% year-over-year, while Baton Rouge, LA, experienced a significant 5.6% decrease. In contrast, Knoxville, TN, saw a considerable 7.2% increase in median sale price year-over-year, while Ogden-Clearfield, UT, saw a 3.8% decrease.
The combined 2024 existing home sales and price growth for these markets varied, with some experiencing double-digit growth and others facing significant declines. Toledo, OH, led in combined growth, with a 22.3% increase, while Portland-Vancouver-Hillsboro, OR-WA, experienced the most significant decline at 33.0%.
The wide disparities in existing home sales and prices across different markets highlight the diverse real estate landscape in the United States. The factors driving these variations could include regional economic conditions, supply and demand dynamics, and local housing policies.
Overall, the study reveals the complex and dynamic nature of the real estate market, with different markets experiencing unique trends and patterns in existing home sales and prices. This data can provide valuable insights for both homebuyers and sellers as they navigate the diverse landscape of the housing market.