As the residential real estate market continues its deceleration, the national median condo and co-op price declined to $360,300 in September, marking a 0.6% year-over-year decrease from September 2024, according to marketwide data reflecting broader trends across all property types with quarter-over-quarter growth stalling at just 0.1%.
This price contraction occurs within a context of substantially increased inventory and heightened listing activity, with nearly 20% of all home listings experiencing price reductions in September—an increase of 1.2 percentage points compared to the previous year.
National active listings surged 17.0% year-over-year, representing the twenty-third consecutive month of inventory gains, though levels remain 13.9% below pre-pandemic standards. The market recorded 1.55 million housing units available in September, reflecting a 1.3% month-over-month increase and a 14.0% year-over-year expansion. Regional disparities persist, with the West and South surpassing pre-pandemic inventory levels while the Northeast and Midwest remain significantly undersupplied.
Average time on market extended to 62 days, representing a one-week increase from September 2024, signaling slower market velocity despite inventory growth that has decelerated notably since May. Meanwhile, single-family homes demonstrated stronger price resilience with a 2.3% year-over-year increase to $420,700.
Regional divergence characterizes current market dynamics, with the Northeast demonstrating relative price stability through limited price reductions affecting 14.0% of listings, while the South and West exhibited substantially higher reduction activity at 21.1% and 20.9% respectively.
Median list price remained nationally flat at $425,000, though Western regions experienced a noteworthy 3.6% decline.
Per-square-foot pricing increased in the Northeast and Midwest but declined in Southern and Western markets.
Conversely, existing-home sales increased 1.5% month-over-month in September, with condo and co-op transactions maintaining a seasonally adjusted rate of 370,000 units sold, remaining fundamentally flat both month-over-month and year-over-year.
September demonstrated a marked uptick in buyer activity within major urban markets, attributed partly to families returning to house-hunting following summer months and mortgage rate decreases in certain sectors. Government initiatives such as the Fresh Start Housing Grant are expanding to include first-timer families, potentially bringing additional buyers into the market through enhanced financial assistance programs.
Mid-September data indicating increased open house traffic and new deal signings forecasted sustained market momentum through October, suggesting buyer demand resurged despite earlier summer cooling and ongoing affordability constraints limiting price appreciation potential across the sector.
