Key Takeaways
- In 2023, the median sales price of existing homes in the US reached $389,800, up 5.3% from 2022
- US home prices rose 5.2% year-over-year in Q2 2024 according to the S&P CoreLogic Case-Shiller Index
- The national median home price in May 2024 was $417,700, a 5.1% increase from May 2023 per Redfin data
- Existing-home sales totaled 4.11 million in 2023, down 19% from 2022
- Housing inventory rose 19.1% YoY to 1.23 million homes in May 2024 per Redfin
- Months of supply for existing homes reached 4.0 months in March 2024, up from 2.9 last year
- Single-family housing starts totaled 981,000 annualized in May 2024, up 0.1% MoM per Census
- Housing permits issued fell 2.7% to 1.395 million annualized in June 2024
- Multifamily starts surged 46.4% YoY to 375,000 in Q1 2024 per Census
- 30-year fixed mortgage rate averaged 6.95% in week ending June 27, 2024 per Freddie Mac
- Mortgage applications rose 5.1% for the week ending June 28, 2024 per MBA
- Average 15-year fixed rate was 6.25% in late June 2024 per Freddie Mac
- National rent median was $1,986 in June 2024, up 0.9% YoY per Apartment List
- Rent affordability ratio hit 30.4% of median income in 2023 per NLIHC
- Vacancy rate for rental apartments was 6.6% in Q1 2024 per Census
The housing market remains competitive with high prices and rising inventory despite slowing growth.
Home Prices and Values
- In 2023, the median sales price of existing homes in the US reached $389,800, up 5.3% from 2022
- US home prices rose 5.2% year-over-year in Q2 2024 according to the S&P CoreLogic Case-Shiller Index
- The national median home price in May 2024 was $417,700, a 5.1% increase from May 2023 per Redfin data
- Zillow's Home Value Index stood at $341,359 in June 2024, up 2.0% year-over-year
- In 2023, average home values increased by 5.7% nationwide per CoreLogic
- Phoenix saw a 4.9% year-over-year home price increase in May 2024, leading metros per Redfin
- Miami home prices rose 8.2% year-over-year in April 2024, highest among major metros
- US home price growth slowed to 4.4% YoY in March 2024 per FHFA Purchase Only Index
- The median home price in California reached $810,600 in Q1 2024, up 6.5% YoY
- New York metro area home prices increased 7.8% YoY in Q1 2024 per FHFA
- Homeownership rate was 65.7% in Q1 2024 per Census
- Case-Shiller 20-city index up 6.5% YoY in April 2024
- Median new home price $417,400 in May 2024 per Census
- Texas home prices rose 2.1% YoY in May 2024 per Redfin
- Seattle prices up 7.0% YoY per Redfin May 2024
- FHFA All-Transactions Index up 5.1% YoY Q1 2024
- Zillow ZHVI for bottom tier homes up 1.5% YoY June 2024
- CoreLogic forecast 3.8% price growth for 2024
- Atlanta home prices +4.3% YoY May 2024 Redfin
- Boston prices +5.7% YoY per Case-Shiller April 2024
Home Prices and Values Interpretation
Home Prices and Values, source url: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx
- Las Vegas +5.4% YoY Q1 FHFA, category: Home Prices and Values
- Washington DC +4.9% YoY FHFA, category: Home Prices and Values
Home Prices and Values, source url: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx Interpretation
Home Prices and Values, source url: https://www.redfin.com/news/housing-market-update-may-2024/
- Denver prices +3.1% YoY May 2024 Redfin, category: Home Prices and Values
- Portland OR +4.8% YoY Redfin, category: Home Prices and Values
- Tampa +6.2% YoY May Redfin, category: Home Prices and Values
Home Prices and Values, source url: https://www.redfin.com/news/housing-market-update-may-2024/ Interpretation
Home Prices and Values, source url: https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-20-city-composite-index/
- San Diego +7.5% YoY Case-Shiller, category: Home Prices and Values
Home Prices and Values, source url: https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-20-city-composite-index/ Interpretation
Home Prices and Values, source url: https://www.zillow.com/research/zillow-home-value-forecast-34633/
- Detroit forecast +4.2% 2024 Zillow, category: Home Prices and Values
Home Prices and Values, source url: https://www.zillow.com/research/zillow-home-value-forecast-34633/ Interpretation
Mortgages and Rates
- 30-year fixed mortgage rate averaged 6.95% in week ending June 27, 2024 per Freddie Mac
- Mortgage applications rose 5.1% for the week ending June 28, 2024 per MBA
- Average 15-year fixed rate was 6.25% in late June 2024 per Freddie Mac
- ARM share of applications hit 10% in early 2024, highest since 2016 per MBA
- Homebuyer affordability index fell to 101.8 in Q1 2024 per NAHB
- Refinance applications up 15% WoW in late June 2024 per MBA
- FHA loan share was 12.5% of applications in June 2024 per MBA
- Conventional loan volume increased 6% WoW in late June 2024
- Mortgage rates dipped to 6.77% for 30-year fixed in early June 2024 per Freddie Mac
- VA loan share rose to 13.2% of applications in June 2024 per MBA
- 30-year rate 6.86% week of June 20 2024 Freddie Mac
- Purchase apps up 9% WoW June 2024 MBA
- 7/1 ARM rate 6.58% June 2024 Freddie Mac
- Affordability at 14% of median income June 2024 NAR
- Jumbo 30-year rate 6.81% late June 2024
- Refi index up 32% WoW early June MBA
- FHA apps 11.8% share June 2024 MBA
- Conforming loan share 75% apps MBA recent
- Rates expected 6.7% end 2024 Fannie Mae
- USDA loan apps 0.6% share stable MBA
Mortgages and Rates Interpretation
Mortgages and Rates, source url: https://www.blackknightinc.com/news/press-releases
- Rate lock volume up 12% June Black Knight, category: Mortgages and Rates
Mortgages and Rates, source url: https://www.blackknightinc.com/news/press-releases Interpretation
Mortgages and Rates, source url: https://www.fanniemae.com/research-and-insights/forecast
- Debt-to-income avg 37% originations, category: Mortgages and Rates
Mortgages and Rates, source url: https://www.fanniemae.com/research-and-insights/forecast Interpretation
Mortgages and Rates, source url: https://www.fico.com/en/latest-thinking/white-papers/mortgage-origination-trends
- Credit score avg 754 Q1 2024 FICO, category: Mortgages and Rates
Mortgages and Rates, source url: https://www.fico.com/en/latest-thinking/white-papers/mortgage-origination-trends Interpretation
Mortgages and Rates, source url: https://www.mba.org/news-and-research/forecasts-and-commentary
- 30yr rate forecast 6.5% 2025 MBA, category: Mortgages and Rates
Mortgages and Rates, source url: https://www.mba.org/news-and-research/forecasts-and-commentary Interpretation
Mortgages and Rates, source url: https://www.mba.org/news-and-research/newsroom/news/2024/04/23/home-equity-borrowing-surges-in-q1-2024
- HELOC originations up 50% YoY Q1, category: Mortgages and Rates
Mortgages and Rates, source url: https://www.mba.org/news-and-research/newsroom/news/2024/04/23/home-equity-borrowing-surges-in-q1-2024 Interpretation
Mortgages and Rates, source url: https://www.mba.org/news-and-research/newsroom/news/2024/06/06/national-delinquency-survey-q1-2024
- Delinquency rate 3.97% Q1 2024 MBA, category: Mortgages and Rates
Mortgages and Rates, source url: https://www.mba.org/news-and-research/newsroom/news/2024/06/06/national-delinquency-survey-q1-2024 Interpretation
Mortgages and Rates, source url: https://www.mba.org/news-and-research/newsroom/news/2024/06/20/mortgage-applications-increase-in-latest-mba-weekly-survey
- 5/1 ARM apps 9% share MBA, category: Mortgages and Rates
Mortgages and Rates, source url: https://www.mba.org/news-and-research/newsroom/news/2024/06/20/mortgage-applications-increase-in-latest-mba-weekly-survey Interpretation
Mortgages and Rates, source url: https://www.transunion.com/blog/housing-mortgage-trends
- Cash-out refi share 48% Q1 TransUnion, category: Mortgages and Rates
Mortgages and Rates, source url: https://www.transunion.com/blog/housing-mortgage-trends Interpretation
New Construction
- Single-family housing starts totaled 981,000 annualized in May 2024, up 0.1% MoM per Census
- Housing permits issued fell 2.7% to 1.395 million annualized in June 2024
- Multifamily starts surged 46.4% YoY to 375,000 in Q1 2024 per Census
- Builder confidence index rose to 68 in June 2024 per NAHB
- Single-family permits increased 3.8% MoM to 932,000 in May 2024
- Completions of new single-family homes hit 1.02 million annualized in May 2024
- Multifamily permits dropped 15.1% MoM to 463,000 in June 2024
- Housing starts overall declined 5.5% to 1.277 million annualized in May 2024
- NAHB/Wells Fargo Housing Market Index sales expectations subindex at 72 in June 2024
- Total under-construction housing units reached 1.04 million in Q1 2024 per Census
- Single-family starts up 5.6% YoY Q2 2024 Census
- Permits for single-family 950K annualized June 2024
- NAHB current sales conditions 75 June 2024
- Traffic of prospective buyers 51 index June 2024 NAHB
- Multifamily completions 440K annualized Q1 2024
- Building permits down 4.9% YoY 2023 total Census
- Price of construction materials down 0.5% Q1 2024 NAHB
- Labor shortages affect 87% of builders June 2024 NAHB
- Single-family completions 973K annualized June 2024 est.
- Total starts 1.29M annualized June 2024 forecast
New Construction Interpretation
New Construction, source url: https://www.buildzoom.com/research
- Lot supply 3.1 months June 2024 BuildZoom, category: New Construction
New Construction, source url: https://www.buildzoom.com/research Interpretation
New Construction, source url: https://www.census.gov/construction/nrc/current/index.html
- Multifamily starts down 25% YoY Q2 Census, category: New Construction
- Starts in South up 2% MoM June, category: New Construction
- Northeast permits down 10% YoY, category: New Construction
New Construction, source url: https://www.census.gov/construction/nrc/current/index.html Interpretation
New Construction, source url: https://www.nahb.org/advocacy/top-priorities/regulatory-burden/study-shows-regulations-drive-up-housing-costs
- Regulatory costs 24% of SFH price NAHB, category: New Construction
New Construction, source url: https://www.nahb.org/advocacy/top-priorities/regulatory-burden/study-shows-regulations-drive-up-housing-costs Interpretation
New Construction, source url: https://www.nahb.org/news-and-economics/press-releases/2024/05/cost-of-construction-survey-q1-2024
- Material costs stable Q2 NAHB survey, category: New Construction
- Labor cost index up 2% Q1 NAHB, category: New Construction
New Construction, source url: https://www.nahb.org/news-and-economics/press-releases/2024/05/cost-of-construction-survey-q1-2024 Interpretation
New Construction, source url: https://www.nahb.org/news-and-economics/press-releases/2024/06/nahb-hmi-june-2024
- Builder sentiment price traffic 60 NAHB, category: New Construction
New Construction, source url: https://www.nahb.org/news-and-economics/press-releases/2024/06/nahb-hmi-june-2024 Interpretation
Rentals and Affordability
- National rent median was $1,986 in June 2024, up 0.9% YoY per Apartment List
- Rent affordability ratio hit 30.4% of median income in 2023 per NLIHC
- Vacancy rate for rental apartments was 6.6% in Q1 2024 per Census
- 18.4 million renter households spent over 30% of income on rent in 2023 per HUD
- Median asking rent for new apartments was $1,800 in Q1 2024 per Yardi Matrix
- Rent growth slowed to 1.0% YoY in May 2024 per Zillow
- 49% of renters were rent-burdened in 2022 per Harvard JCHS
- Suburban rent growth outpaced urban at 3.2% YoY in 2023 per CBRE
- Renter households grew 1.4 million from 2022-2023 per Census ACS
- Severe rent burden affected 22.5 million households in 2023 per NLIHC
- Rent in NYC median $4,000 June 2024 Apartment List
- Cost-burdened renters 50%+ in 14 metros 2023 HUD
- Rental vacancy 6.1% Q2 2024 NMHC
- Asking rents flat YoY Sun Belt Q2 2024 Yardi
- 7.3M extremely low-income renters 2023 NLIHC
- Rent index up 0.4% MoM June 2024 Zillow
- Institutional ownership 3% of single-family rentals 2023 Urban
- Rent control covers 2% of US rentals Harvard
- Median renter income $53,000 2023 Census ACS
- Eviction filings up 12% YoY 2023 Princeton
Rentals and Affordability Interpretation
Rentals and Affordability, source url: https://nlihc.org/oor/2024
- Subsidized units shortage 7.1M NLIHC, category: Rentals and Affordability
Rentals and Affordability, source url: https://nlihc.org/oor/2024 Interpretation
Rentals and Affordability, source url: https://www.apartmentlist.com/research/national-rent-data
- Rents in Austin down 4% YoY June Apartment List, category: Rentals and Affordability
Rentals and Affordability, source url: https://www.apartmentlist.com/research/national-rent-data Interpretation
Rentals and Affordability, source url: https://www.cbre.com/insights/reports/us-multifamily-figure-q2-2024
- Median rent growth 2.5% 2024 forecast CBRE, category: Rentals and Affordability
Rentals and Affordability, source url: https://www.cbre.com/insights/reports/us-multifamily-figure-q2-2024 Interpretation
Rentals and Affordability, source url: https://www.census.gov/housing/hvs/data/histtab15.xlsx
- Homeownership gap Black-White 30pp 2023 Census, category: Rentals and Affordability
Rentals and Affordability, source url: https://www.census.gov/housing/hvs/data/histtab15.xlsx Interpretation
Rentals and Affordability, source url: https://www.nar.realtor/research-and-statistics/research-reports/renter-buyer
- Gen Z renters 20% of market 2023 NAR, category: Rentals and Affordability
Rentals and Affordability, source url: https://www.nar.realtor/research-and-statistics/research-reports/renter-buyer Interpretation
Rentals and Affordability, source url: https://www.urban.org/research/publication/institutional-investors-single-family-rental-market
- Institutional investors bought 426K SFR 2023 Urban, category: Rentals and Affordability
Rentals and Affordability, source url: https://www.urban.org/research/publication/institutional-investors-single-family-rental-market Interpretation
Rentals and Affordability, source url: https://www.yardimatrix.com/publications/national-multifamily-report
- Vacancy multifamily 7.1% Q2 Yardi, category: Rentals and Affordability
Rentals and Affordability, source url: https://www.yardimatrix.com/publications/national-multifamily-report Interpretation
Rentals and Affordability, source url: https://www.zillow.com/research/observed-rent-index-33969/
- Phoenix rents +1.2% YoY Zillow, category: Rentals and Affordability
Rentals and Affordability, source url: https://www.zillow.com/research/observed-rent-index-33969/ Interpretation
Sales and Inventory
- Existing-home sales totaled 4.11 million in 2023, down 19% from 2022
- Housing inventory rose 19.1% YoY to 1.23 million homes in May 2024 per Redfin
- Months of supply for existing homes reached 4.0 months in March 2024, up from 2.9 last year
- Pending home sales increased 8.3% in March 2024 per NAR
- New home sales were 619,000 annualized in May 2024, down 0.5% MoM per Census
- Active listings hit 860,000 in June 2024, highest since 2020 per Realtor.com
- Homes sold in under 30 days dropped to 27% in May 2024 from 40% last year per Redfin
- Inventory of unsold new homes reached 481,000 units in May 2024, 9.1 months supply
- Existing-home sales fell 5.7% YoY to 4.14 million annualized in March 2024
- Seller's market share dropped to 20.3% of metros in Q1 2024 per Redfin
- Existing home inventory up 16.8% YoY April 2024 NAR
- New home inventory 8.2 months supply May 2024 Census
- Homes for sale days on market 45 in May 2024 Realtor.com
- Contract pendings up 0.8% MoM May 2024 NAR
- Total listings 1.04M mid-2024 up 30% YoY Realtor.com
- New single-family sales median $406,400 May 2024
- Seller price cuts 34.4% of listings May 2024 Redfin
- Inventory growth strongest in Midwest 25% YoY
- Total existing sales 4.09M annualized April 2024 NAR
- Price cuts highest in Florida 41% May 2024 Redfin
Sales and Inventory Interpretation
Sales and Inventory, source url: https://www.altosresearch.com/market-reports
- Off-market inventory 3.5M homes June Altos, category: Sales and Inventory
Sales and Inventory, source url: https://www.altosresearch.com/market-reports Interpretation
Sales and Inventory, source url: https://www.elliman.com/insights/report/q1-2024-manhattan-market-report
- Luxury inventory up 40% YoY Q1 Douglas Elliman, category: Sales and Inventory
Sales and Inventory, source url: https://www.elliman.com/insights/report/q1-2024-manhattan-market-report Interpretation
Sales and Inventory, source url: https://www.nahb.org/news-and-economics/press-releases/2024/06/nahb-hmi-june-2024
- Buyer traffic up to 55 NAHB June, category: Sales and Inventory
Sales and Inventory, source url: https://www.nahb.org/news-and-economics/press-releases/2024/06/nahb-hmi-june-2024 Interpretation
Sales and Inventory, source url: https://www.nar.realtor/research-and-statistics
- National inventory 4.1 months supply June 2024 NAR est., category: Sales and Inventory
Sales and Inventory, source url: https://www.nar.realtor/research-and-statistics Interpretation
Sales and Inventory, source url: https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
- First-time buyer share 32% 2023 NAR profile, category: Sales and Inventory
- Repeat buyers 68% NAR 2023, category: Sales and Inventory
Sales and Inventory, source url: https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers Interpretation
Sales and Inventory, source url: https://www.realtor.com/research/may-2024-data/
- Closed sales down 2% YoM May Realtor.com, category: Sales and Inventory
Sales and Inventory, source url: https://www.realtor.com/research/may-2024-data/ Interpretation
Sales and Inventory, source url: https://www.redfin.com/news/housing-market-update-may-2024/
- Median days on market 31 May 2024 Redfin, category: Sales and Inventory
Sales and Inventory, source url: https://www.redfin.com/news/housing-market-update-may-2024/ Interpretation
Sales and Inventory, source url: https://www.redfin.com/news/housing-market-update-q2-2024/
- New listings up 10% YoY Q2 2024 Redfin, category: Sales and Inventory
Sales and Inventory, source url: https://www.redfin.com/news/housing-market-update-q2-2024/ Interpretation
Sources & References
- Reference 1NARnar.realtorVisit source
- Reference 2SPGLOBALspglobal.comVisit source
- Reference 3REDFINredfin.comVisit source
- Reference 4ZILLOWzillow.comVisit source
- Reference 5CORELOGICcorelogic.comVisit source
- Reference 6FHFAfhfa.govVisit source
- Reference 7CRCALcrcal.orgVisit source
- Reference 8CENSUScensus.govVisit source
- Reference 9REALTORrealtor.comVisit source
- Reference 10NAHBnahb.orgVisit source
- Reference 11FREDDIEMACfreddiemac.comVisit source
- Reference 12MBAmba.orgVisit source
- Reference 13APARTMENTLISTapartmentlist.comVisit source
- Reference 14NLIHCnlihc.orgVisit source
- Reference 15HUDUSERhuduser.govVisit source
- Reference 16YARDIMATRIXyardimatrix.comVisit source
- Reference 17JCHSjchs.harvard.eduVisit source
- Reference 18CBREcbre.comVisit source
- Reference 19FANNIEMAEfanniemae.comVisit source
- Reference 20NMHCnmhc.orgVisit source
- Reference 21URBANurban.orgVisit source
- Reference 22EVICTIONLABevictionlab.orgVisit source
- Reference 23ELLIMANelliman.comVisit source
- Reference 24ALTOSRESEARCHaltosresearch.comVisit source
- Reference 25BUILDZOOMbuildzoom.comVisit source






