For the first time in two years, there is now over a two month supply of properties available for sale, providing more options for buyers with 3687 new listings coming to the market in September 2024.

With more properties on the market, pressure on prices has also eased.  The unadjusted benchmark price dropped slightly to $596,000 in September, compared to $601.800 for August.  Prices remain 5% higher than September 2023.  Despite the rise in listing inventory, supply of more affordable properties remains tight.  

September Housing Statistics

Detached  Benchmark
$757,100  (up 8.8% YOY)

Semi-Detached Benchmark
$678,400  (up 9.5% YOY)

Apartment  Benchmark
$345,00  (up 13.9% YOY)
 

Several major changes to mortgage rules were also announced in the past month.  On November 21, amendments to the stress test will allow borrowers to switch lenders more easily.  Secondly, mortgage reforms which take effect December 15 will expand eligibility for 30 year amortizations and increase the $1M price cap on insured mortgages to $1.5M.