H
ome sales have picked up steam this autumn, but many buyers remain hesitant until prices drop. The US housing market improved after mortgage rates plummeted from their mid-summer peak through September, despite experiencing a resurgence since then. Pending home sales rose 7.4% in September, the largest increase since spring, according to the National Association of Realtors.
A growing inventory is building, with active listings rising by 29.2% and new listings increasing by 4.9% year-over-year, creating the largest stockpile since December 2019. The typical home has been on the market for nearly two months, or 58 days, making it the quietest October in five years.
Despite this, sellers are reluctant to lower prices, with only 18.6% of US properties receiving price cuts last month, the same rate as last year. As a result, property prices remain steady, with the median sale price in October little changed from 2023 at just under $425,000.
Seven metropolitan areas have affordable homes and growing inventory. These cities are listed alphabetically below:
1. Baltimore, Maryland
* Median listing price: $369,995
* Active listing growth: 31.1%
* Median days on the market: 36 days
2. Birmingham, Alabama
* Median listing price: $299,947
* New listing growth: 11.5%
* Median days on the market: 57 days
3. Cincinnati, Ohio
* Median listing price: $331,460
* Active listing growth: 25.7%
* Median days on the market: 37 days
4. Columbus, Ohio
* Median listing price: $368,900
* Active listing growth: 33.2%
* Median days on the market: 39 days
5. Houston, Texas
* Median listing price: $369,450
* New listing growth: 11.9%
* Median days on the market: 50 days
6. Memphis, Tennessee
* Median listing price: $334,900
* Active listing growth: 30.6%
* Median days on the market: 64 days
7. Oklahoma City, Oklahoma
* Median listing price: $314,825
* New listing growth: 14.6%
* Median days on the market: 48 days
