Home listings surge in October as demand rises in major U.S. cities

Summary: In October 2024, a surge in home listings and sales was reported, following a drop in mortgage rates in September. Notable increases in pending sales were seen in major cities like Seattle, Boston, and San Diego, indicating rising demand.

Active home listings rose by 29.2% compared to October 2023, reaching the highest level since December 2019. However, new listings remain below pre-pandemic levels in most regions, with the South showing the smallest gap.

The median listing price per square foot increased by 2.1% year-over-year, reflecting ongoing affordability concerns. Swing states have home prices that are generally lower than blue states but higher than red states, influencing local housing policy discussions.

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