October Market Overview
October’s housing market brought a mix of renewed buyer energy and uneven follow-through, creating a landscape that felt active yet unpredictable. Homes are sitting longer, but buyers are showing more excitement, and in a market this complex, having an expert at the table is more valuable than ever.
Median sales prices ticked down year-over-year, but the change is slight and varies by micro-market. Earlier in the year, prices were trending upward; that momentum has now leveled off. New listings rose modestly month-over-month and year-over-year, though activity slowed as some sellers chose to wait. Inventory is up 18% compared to last year yet remains well below where it stood earlier this year, largely due to sellers pulling homes off the market or choosing to rent instead.
Pending sales appear negative, but that is mostly a reflection of MLS reporting quirks, and the number is likely closer to flat year-over-year. Even so, we are carrying far more inventory than sales right now. Closed sales dipped slightly, and median days on market climbed both year-over-year and month-over-month, reflecting that the homes selling now are the ones buyers view as fresh. Well-prepared listings can still move quickly, and sellers should know that with the right price, a same-weekend sale is possible.
As we approach the end of the year, activity typically slows, but the real drop-off does not arrive until the second-to-last week of December. Homes that do sell are achieving strong numbers, often landing close to full list price or above. Showings-to-pending ratios remain steady, but total showings have fallen sharply, underscoring how critical it is to drive traffic early and set clear expectations about today’s realities.
Mark Daker of Ameris Bank Insights
Mortgage rates in October held near their lowest levels of the year, supported by limited economic data and continued expectations of future Fed easing. A government shutdown early in the month slowed the release of key reports, leaving markets to react mainly to the ADP employment data, which showed further job losses and nudged rates slightly lower.
Though brief volatility followed tariff-related headlines and stock market swings, mortgage rates ultimately ended the month about where they began, maintaining their position at the bottom of the 2024 range. A lower-than-expected CPI reading reinforced optimism around cooling inflation, while a smaller federal deficit-to-GDP ratio further supported expectations for continued Fed rate cuts ahead.
Overall, October was a quiet but steady month for rates, with easing inflation pressures and improving housing data signaling potential momentum for the market heading into year-end.
