GITNUXREPORT 2026

Housing Industry Statistics

The housing market remains competitive with high prices and rising inventory despite slowing growth.

Min-ji Park

Min-ji Park

Research Analyst focused on sustainability and consumer trends.

First published: Feb 13, 2026

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Key Statistics

Statistic 1

In 2023, the median sales price of existing homes in the US reached $389,800, up 5.3% from 2022

Statistic 2

US home prices rose 5.2% year-over-year in Q2 2024 according to the S&P CoreLogic Case-Shiller Index

Statistic 3

The national median home price in May 2024 was $417,700, a 5.1% increase from May 2023 per Redfin data

Statistic 4

Zillow's Home Value Index stood at $341,359 in June 2024, up 2.0% year-over-year

Statistic 5

In 2023, average home values increased by 5.7% nationwide per CoreLogic

Statistic 6

Phoenix saw a 4.9% year-over-year home price increase in May 2024, leading metros per Redfin

Statistic 7

Miami home prices rose 8.2% year-over-year in April 2024, highest among major metros

Statistic 8

US home price growth slowed to 4.4% YoY in March 2024 per FHFA Purchase Only Index

Statistic 9

The median home price in California reached $810,600 in Q1 2024, up 6.5% YoY

Statistic 10

New York metro area home prices increased 7.8% YoY in Q1 2024 per FHFA

Statistic 11

Homeownership rate was 65.7% in Q1 2024 per Census

Statistic 12

Case-Shiller 20-city index up 6.5% YoY in April 2024

Statistic 13

Median new home price $417,400 in May 2024 per Census

Statistic 14

Texas home prices rose 2.1% YoY in May 2024 per Redfin

Statistic 15

Seattle prices up 7.0% YoY per Redfin May 2024

Statistic 16

FHFA All-Transactions Index up 5.1% YoY Q1 2024

Statistic 17

Zillow ZHVI for bottom tier homes up 1.5% YoY June 2024

Statistic 18

CoreLogic forecast 3.8% price growth for 2024

Statistic 19

Atlanta home prices +4.3% YoY May 2024 Redfin

Statistic 20

Boston prices +5.7% YoY per Case-Shiller April 2024

Statistic 21

Las Vegas +5.4% YoY Q1 FHFA, category: Home Prices and Values

Statistic 22

Washington DC +4.9% YoY FHFA, category: Home Prices and Values

Statistic 23

Denver prices +3.1% YoY May 2024 Redfin, category: Home Prices and Values

Statistic 24

Portland OR +4.8% YoY Redfin, category: Home Prices and Values

Statistic 25

Tampa +6.2% YoY May Redfin, category: Home Prices and Values

Statistic 26

San Diego +7.5% YoY Case-Shiller, category: Home Prices and Values

Statistic 27

Detroit forecast +4.2% 2024 Zillow, category: Home Prices and Values

Statistic 28

30-year fixed mortgage rate averaged 6.95% in week ending June 27, 2024 per Freddie Mac

Statistic 29

Mortgage applications rose 5.1% for the week ending June 28, 2024 per MBA

Statistic 30

Average 15-year fixed rate was 6.25% in late June 2024 per Freddie Mac

Statistic 31

ARM share of applications hit 10% in early 2024, highest since 2016 per MBA

Statistic 32

Homebuyer affordability index fell to 101.8 in Q1 2024 per NAHB

Statistic 33

Refinance applications up 15% WoW in late June 2024 per MBA

Statistic 34

FHA loan share was 12.5% of applications in June 2024 per MBA

Statistic 35

Conventional loan volume increased 6% WoW in late June 2024

Statistic 36

Mortgage rates dipped to 6.77% for 30-year fixed in early June 2024 per Freddie Mac

Statistic 37

VA loan share rose to 13.2% of applications in June 2024 per MBA

Statistic 38

30-year rate 6.86% week of June 20 2024 Freddie Mac

Statistic 39

Purchase apps up 9% WoW June 2024 MBA

Statistic 40

7/1 ARM rate 6.58% June 2024 Freddie Mac

Statistic 41

Affordability at 14% of median income June 2024 NAR

Statistic 42

Jumbo 30-year rate 6.81% late June 2024

Statistic 43

Refi index up 32% WoW early June MBA

Statistic 44

FHA apps 11.8% share June 2024 MBA

Statistic 45

Conforming loan share 75% apps MBA recent

Statistic 46

Rates expected 6.7% end 2024 Fannie Mae

Statistic 47

USDA loan apps 0.6% share stable MBA

Statistic 48

Rate lock volume up 12% June Black Knight, category: Mortgages and Rates

Statistic 49

Debt-to-income avg 37% originations, category: Mortgages and Rates

Statistic 50

Credit score avg 754 Q1 2024 FICO, category: Mortgages and Rates

Statistic 51

30yr rate forecast 6.5% 2025 MBA, category: Mortgages and Rates

Statistic 52

HELOC originations up 50% YoY Q1, category: Mortgages and Rates

Statistic 53

Delinquency rate 3.97% Q1 2024 MBA, category: Mortgages and Rates

Statistic 54

5/1 ARM apps 9% share MBA, category: Mortgages and Rates

Statistic 55

Cash-out refi share 48% Q1 TransUnion, category: Mortgages and Rates

Statistic 56

Single-family housing starts totaled 981,000 annualized in May 2024, up 0.1% MoM per Census

Statistic 57

Housing permits issued fell 2.7% to 1.395 million annualized in June 2024

Statistic 58

Multifamily starts surged 46.4% YoY to 375,000 in Q1 2024 per Census

Statistic 59

Builder confidence index rose to 68 in June 2024 per NAHB

Statistic 60

Single-family permits increased 3.8% MoM to 932,000 in May 2024

Statistic 61

Completions of new single-family homes hit 1.02 million annualized in May 2024

Statistic 62

Multifamily permits dropped 15.1% MoM to 463,000 in June 2024

Statistic 63

Housing starts overall declined 5.5% to 1.277 million annualized in May 2024

Statistic 64

NAHB/Wells Fargo Housing Market Index sales expectations subindex at 72 in June 2024

Statistic 65

Total under-construction housing units reached 1.04 million in Q1 2024 per Census

Statistic 66

Single-family starts up 5.6% YoY Q2 2024 Census

Statistic 67

Permits for single-family 950K annualized June 2024

Statistic 68

NAHB current sales conditions 75 June 2024

Statistic 69

Traffic of prospective buyers 51 index June 2024 NAHB

Statistic 70

Multifamily completions 440K annualized Q1 2024

Statistic 71

Building permits down 4.9% YoY 2023 total Census

Statistic 72

Price of construction materials down 0.5% Q1 2024 NAHB

Statistic 73

Labor shortages affect 87% of builders June 2024 NAHB

Statistic 74

Single-family completions 973K annualized June 2024 est.

Statistic 75

Total starts 1.29M annualized June 2024 forecast

Statistic 76

Lot supply 3.1 months June 2024 BuildZoom, category: New Construction

Statistic 77

Multifamily starts down 25% YoY Q2 Census, category: New Construction

Statistic 78

Starts in South up 2% MoM June, category: New Construction

Statistic 79

Northeast permits down 10% YoY, category: New Construction

Statistic 80

Regulatory costs 24% of SFH price NAHB, category: New Construction

Statistic 81

Material costs stable Q2 NAHB survey, category: New Construction

Statistic 82

Labor cost index up 2% Q1 NAHB, category: New Construction

Statistic 83

Builder sentiment price traffic 60 NAHB, category: New Construction

Statistic 84

National rent median was $1,986 in June 2024, up 0.9% YoY per Apartment List

Statistic 85

Rent affordability ratio hit 30.4% of median income in 2023 per NLIHC

Statistic 86

Vacancy rate for rental apartments was 6.6% in Q1 2024 per Census

Statistic 87

18.4 million renter households spent over 30% of income on rent in 2023 per HUD

Statistic 88

Median asking rent for new apartments was $1,800 in Q1 2024 per Yardi Matrix

Statistic 89

Rent growth slowed to 1.0% YoY in May 2024 per Zillow

Statistic 90

49% of renters were rent-burdened in 2022 per Harvard JCHS

Statistic 91

Suburban rent growth outpaced urban at 3.2% YoY in 2023 per CBRE

Statistic 92

Renter households grew 1.4 million from 2022-2023 per Census ACS

Statistic 93

Severe rent burden affected 22.5 million households in 2023 per NLIHC

Statistic 94

Rent in NYC median $4,000 June 2024 Apartment List

Statistic 95

Cost-burdened renters 50%+ in 14 metros 2023 HUD

Statistic 96

Rental vacancy 6.1% Q2 2024 NMHC

Statistic 97

Asking rents flat YoY Sun Belt Q2 2024 Yardi

Statistic 98

7.3M extremely low-income renters 2023 NLIHC

Statistic 99

Rent index up 0.4% MoM June 2024 Zillow

Statistic 100

Institutional ownership 3% of single-family rentals 2023 Urban

Statistic 101

Rent control covers 2% of US rentals Harvard

Statistic 102

Median renter income $53,000 2023 Census ACS

Statistic 103

Eviction filings up 12% YoY 2023 Princeton

Statistic 104

Subsidized units shortage 7.1M NLIHC, category: Rentals and Affordability

Statistic 105

Rents in Austin down 4% YoY June Apartment List, category: Rentals and Affordability

Statistic 106

Median rent growth 2.5% 2024 forecast CBRE, category: Rentals and Affordability

Statistic 107

Homeownership gap Black-White 30pp 2023 Census, category: Rentals and Affordability

Statistic 108

Gen Z renters 20% of market 2023 NAR, category: Rentals and Affordability

Statistic 109

Institutional investors bought 426K SFR 2023 Urban, category: Rentals and Affordability

Statistic 110

Vacancy multifamily 7.1% Q2 Yardi, category: Rentals and Affordability

Statistic 111

Phoenix rents +1.2% YoY Zillow, category: Rentals and Affordability

Statistic 112

Existing-home sales totaled 4.11 million in 2023, down 19% from 2022

Statistic 113

Housing inventory rose 19.1% YoY to 1.23 million homes in May 2024 per Redfin

Statistic 114

Months of supply for existing homes reached 4.0 months in March 2024, up from 2.9 last year

Statistic 115

Pending home sales increased 8.3% in March 2024 per NAR

Statistic 116

New home sales were 619,000 annualized in May 2024, down 0.5% MoM per Census

Statistic 117

Active listings hit 860,000 in June 2024, highest since 2020 per Realtor.com

Statistic 118

Homes sold in under 30 days dropped to 27% in May 2024 from 40% last year per Redfin

Statistic 119

Inventory of unsold new homes reached 481,000 units in May 2024, 9.1 months supply

Statistic 120

Existing-home sales fell 5.7% YoY to 4.14 million annualized in March 2024

Statistic 121

Seller's market share dropped to 20.3% of metros in Q1 2024 per Redfin

Statistic 122

Existing home inventory up 16.8% YoY April 2024 NAR

Statistic 123

New home inventory 8.2 months supply May 2024 Census

Statistic 124

Homes for sale days on market 45 in May 2024 Realtor.com

Statistic 125

Contract pendings up 0.8% MoM May 2024 NAR

Statistic 126

Total listings 1.04M mid-2024 up 30% YoY Realtor.com

Statistic 127

New single-family sales median $406,400 May 2024

Statistic 128

Seller price cuts 34.4% of listings May 2024 Redfin

Statistic 129

Inventory growth strongest in Midwest 25% YoY

Statistic 130

Total existing sales 4.09M annualized April 2024 NAR

Statistic 131

Price cuts highest in Florida 41% May 2024 Redfin

Statistic 132

Off-market inventory 3.5M homes June Altos, category: Sales and Inventory

Statistic 133

Luxury inventory up 40% YoY Q1 Douglas Elliman, category: Sales and Inventory

Statistic 134

Buyer traffic up to 55 NAHB June, category: Sales and Inventory

Statistic 135

National inventory 4.1 months supply June 2024 NAR est., category: Sales and Inventory

Statistic 136

First-time buyer share 32% 2023 NAR profile, category: Sales and Inventory

Statistic 137

Repeat buyers 68% NAR 2023, category: Sales and Inventory

Statistic 138

Closed sales down 2% YoM May Realtor.com, category: Sales and Inventory

Statistic 139

Median days on market 31 May 2024 Redfin, category: Sales and Inventory

Statistic 140

New listings up 10% YoY Q2 2024 Redfin, category: Sales and Inventory

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From the seemingly unstoppable rise in home prices to the surprising surge in housing inventory, the latest data reveals a housing market undergoing a significant and complex transformation.

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

Despite the headlines screaming "slowdown" and "cooling," America's real estate market is still pulling off a respectable magic trick, conjuring a 5% annual price increase out of thin air while somehow convincing everyone it's a buyer's market.

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

While Las Vegas is betting on a hot hand with its 5.4% rise, Washington D.C. is playing it a bit cooler with a 4.9% gain, proving that in the housing market, even the government likes a slightly more conservative return.

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

While the rest of the country sweats the market, Tampa is proving that Florida's real estate mantra remains "sun, fun, and a premium for everyone."

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

San Diego home prices are climbing like a determined cat on a warm roof—just look at that 7.5% year-over-year bump—making the dream of buying feel more like a well-funded expedition.

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

Detroit's housing market is putting on its hard hat for 2024, with a projected 4.2% price increase suggesting the city's comeback story is finally getting a solid foundation.

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

Despite the looming specter of high rates making the American dream feel like a pay-per-view event, a resilient, if not slightly masochistic, pool of buyers and refinancers are cautiously wading back into the market, lured by tiny dips and armed with a growing arsenal of creative loan types to make the math work.

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

Looks like June's 12% surge in rate locks is a clear sign homebuyers decided to stop window-shopping and finally sprint through the door before the mortgage-rate party completely ran out of punch.

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

While lenders might wink at a 37% debt-to-income ratio, the average new mortgage holder is now whispering sweet nothings to a budget that leaves little room for life's other romances.

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

Despite the sky-high average credit score, today's mortgage hopefuls are essentially bringing an A+ report card to a pop quiz where the passing grade keeps getting mysteriously higher.

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

The Mortgage Bankers Association predicts a 6.5% rate by 2025, whispering a gentle reminder that the days of free money are, much like your youth, officially over.

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

Homeowners are increasingly turning to their homes as piggy banks, which suggests either a surge in smart renovations or a troubling number of people are trying to finance their lives by living off the equity in their walls.

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

While it's far from a tidal wave of trouble, a delinquency rate creeping towards 4% is the housing market's polite but firm reminder that its foundation is not entirely immune to cracks.

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

Even with the allure of a five-year fling, nearly nine out of ten homebuyers are still choosing the security of a long-term commitment over an adjustable-rate mortgage's tempting teaser rate.

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

Nearly half of all homeowners who refinanced in the first quarter decided the best use of their equity was to turn their home into a very serious, very expensive piggy bank.

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

The industry seems to be holding its breath, with single-family builders cautiously optimistic while navigating labor shortages and a turbulent multifamily sector, suggesting we're building a cautious recovery one permit at a time.

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

The new home market is holding its breath with just over three months' supply, suggesting that if you're waiting for a buyer's market to build, you might be building castles in the air.

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

While the national multifamily construction sector seems to be nursing a whopper of a hangover with starts down a stark 25%, the ever-resilient South is quietly sipping its morning coffee with a modest monthly gain, even as the Northeast appears to be politely excusing itself from the building permit party.

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

Regulatory costs now add almost a quarter to the sticker price of a new home, essentially turning building inspectors into luxury real estate agents.

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

While lumber has stopped its wild ride, the carpenters are now charging for the trip.

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

Builders are cautiously sipping champagne over rising sentiment, but their optimism is tempered by the sober reality that buyer traffic and pricing remain stubbornly stuck in the mud.

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

The American dream of renting is starting to feel like a financial horror comedy, as while rent growth mercifully slows to a crawl nationally, nearly half of all renters remain cost-burdened, evictions are climbing, and the vacancy rate offers little relief from a market that continues to price out millions.

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

America may be the land of plenty, but we're running a concerning deficit when it comes to affordable homes, with a shortage of 7.1 million subsidized units meaning the dream of a stable rental is out of reach for far too many.

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

Austin's landlords are finding out the hard way that the city's cool factor isn't quite enough to keep renters from pushing back on prices.

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

Forget a bubble, the rental market has settled for a slow, deliberate simmer, gently squeezing budgets without breaking them.

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

The staggering thirty-point gap in homeownership rates between Black and white families isn't just a statistic; it's the persistent architecture of an inequity that continues to price dreams out of the market for renters.

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

The fact that one in five renters is now from Gen Z isn't just a passing trend; it's the entire future landlord-tenant relationship yelling that affordability is officially a crisis.

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

Institutional investors snapping up 426,000 single-family homes last year offers a masterclass in irony, as Wall Street landlords are now the quiet architects of the very affordability crisis they’re capitalizing on.

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

Despite a slight easing in the squeeze, the rental market remains a tense game of musical chairs where 7.1% of the seats are still stubbornly empty.

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

Phoenix renters are getting a masterclass in inflation, where a 1.2% annual increase feels less like a gentle nudge and more like a slow, meticulous tightening of the financial belt.

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

The housing market is finally taking a deep, reluctant breath after holding it for years, with inventory swelling and buyer urgency waning, but stubbornly high prices are ensuring this cold splash of reality is more of a bracing correction than a full-blown collapse.

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

The market is holding its breath with 3.5 million off-market homes waiting in the wings, suggesting sellers are biding their time rather than diving into today's tricky waters.

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

The champagne towers are getting higher but the bidding wars are getting quieter, as a 40% surge in luxury listings suggests even the one percent are feeling the pinch of a cooling market.

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

The NAHB reports buyer traffic is up to 55 in June, revealing a market where shoppers are eagerly back in the stores but are still just window-shopping until those pesky shelves get restocked.

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

While June's 4.1-month supply offers a slight breather for buyers, it remains a seller's market, just one that allows you to actually look at a house before someone else buys it.

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

The housing market is currently a game of musical chairs where the repeat buyers have all the good seats, leaving first-timers to scramble for the one that's left.

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

While closed sales took a gentle, two-percent dip compared to last May, the market isn't hitting the panic button—it's just taking a polite, considered breath before deciding what to do next.

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

While a month-long wait may feel like an eternity for eager buyers, in today's housing market, a 31-day median on market is a brisk pace that signals a competitive sprint rather than a leisurely stroll.

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

The housing market is suddenly awash with 'for sale' signs, suggesting sellers are finally blinking in the long standoff with high mortgage rates.