U.S. Housing Inventory Hits Highest Level Since November 2019
- The total number of homes for sale in the U.S. increased to 1.86 million in October 2024 from 1.83 million in September 2024. The number of Existing Homes for Sale rose to 1.37 million, while the number of New Homes for Sale increased to 492,000 in October 2024.
- In October 2024, the total supply of Existing Homes was 4.2 months and total supply of New Homes increased to 9.5 months.
Median Home Prices Trend Higher for Both Existing and New Homes
- Median Existing Single Family Home prices increased 0.12% month-over-month to $407,000 in October 2024, while Median New Single Family Home prices rose 2.46% month-over-month to $437,000 in October 2024.
- On a year-over-year basis, Median Existing Single Family Home prices were 4.0% higher, while Median New Single Family Home prices were up 4.7% in October 2024.
The Median Mortgage Payment in the U.S. is $1,904
- The heatmap below outlines the median mortgage payment by state. States with the highest mortgage payments include Washington, D.C. at $3,001, followed by California at $2,844 and Hawaii at $2,739. States with the lowest mortgage payments include West Virginia at $1,208, followed by Arkansas at $1,315 and Mississippi at $1,321.
