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Did Declining Mortgage Rates Drive Up Home Prices in October?

Just in case, you were wondering what's been driving the Median Sales Price higher in 2024, take a look at the chart below.

On 1/1/2023, median sales price was at $360,800 and it peaked at $426,900 on 1/1/2024. As of October 1, 2024, the median sales price is $407,200.

This is National Data.

10% more single family homes in contract than last year.

November 2024 - 333,177 homes in contract

November 2023 - 304,027

If you are looking for this information for your neighborhoods, then please reach out to me. I will be more than happy to share my insights on home price valuation in your community.

I am here to help.

Rajiv Kohli

408-835-4317