More New Listings Hitting the U.S. Market Heading Into Fall

As summer wound down, more new listings hit the market across the U.S.

In August, newly listed homes for sale were up 1.6% from the month prior and were up 7.9% year over year. In fact, new listings have remained above 2023 levels in seven of the eight months of 2024 so far.

This is according to the latest RE/MAX National Housing report, the brand’s monthly rundown that aggregates data from across the country and showcases market movement. The report for August took a close look at 49 metro areas nationwide.

While new listings were up, home sales prices were down. In August, the median sales price lowered to $440,000, which was down 1.1% from July. However, prices still remained 3.5% higher than one year ago – and have been higher annually for all of 2024 so far. In August 2023, the median home price was $425,000.

“While we saw a slight dip in sales month over month, the market continues to show resilience with some year-over-year price growth,” said RE/MAX President Amy Lessinger. “The rise in new listings signals that more homeowners are recognizing the value of listing in today’s environment. Buyers and sellers alike can find opportunity, especially with a steady flow of homes entering the market.”

While new listings were up in August, a few places saw a more significant spike in homes hitting the market when compared to one year ago:

• Phoenix, Arizona – 25% increase
• San Diego, California – 24.4% increase
• Dover, Delaware – 22.8% increase
• Las Vegas, Nevada – 20.4% increase
• Houston, Texas – 18.6% increase

Yet despite this local and national rise in listings, home sales saw a decrease, dipping 3.3% from July.

The RE/MAX report also found that inventory continued to grow in August for the sixth consecutive month and was up 2.4% from July. It was up a whopping 37.6% from one year ago, too.

Looking to purchase a new place this fall? Check out the RE/MAX Homebuyer’s Guide for step-by-step insights on navigating the homebuying process. The best way to get started on finding a new house to call home is by aligning with a trusted real estate professional who has plenty of local experience. They leverage their knowledge and skill to help clients achieve their homeownership goals. In preparation for when that day comes, check out these helpful pointers for packing and moving to a new home (one everyone will love – furry friends included!).

If you’re ready to buy or sell a home, connect with a RE/MAX agent today.