A Substantial Rebound in Market Activity

Year over year, median house and condo sales prices were up in October 2024, 2% and 5.5% respectively. Fueled by the large jump in new listings in September, sales activity – as measured by the number of listings that went into contract – hit its highest point since spring 2022. The absorption rate, which measures buyer demand vs. the supply of homes for sale, hit its highest percentage since spring 2022. Monthly sales volume was up 19% year-over-year, and year-to-date sales were up 11%. Days-on-market declined and overbidding increased. The number of price reductions in October 2024 climbed to its highest count of the year – the typical seasonal trend – but was well down year-over-year.