Forget what you think you know about market crashes and discount shopping, because across America right now—from New York's $1.1 million apartments to California's $1.35 million bungalows—the overwhelming story isn't a slump but a stubborn climb in prices, creating a housing landscape defined more by soaring values and limited supply than by any relief for buyers.
Key Takeaways
- The median sales price of existing homes in the United States was $412,300 in June 2024, marking a 4.1% increase from June 2023.
- In Q2 2024, the average home price in California reached $859,400, up 6.2% year-over-year according to Zillow data.
- New York City's median home sale price hit $1,095,000 in Q2 2024, a 7.8% rise from the previous year per StreetEasy.
- Active single-family home listings nationwide fell to 720,000 in July 2024, down 25% from pre-pandemic levels per Realtor.com.
- New home inventory reached 481,000 units at end of June 2024, up 12.5% YoY according to Census Bureau.
- Months' supply of existing homes was 4.2 months in June 2024, up from 3.3 months last year via NAR.
- Existing-home sales totaled 3.89 million annualized in June 2024, down 5.4% YoY according to NAR.
- New single-family home sales reached 617,000 annualized in June 2024, up 2.5% MoM per Census.
- Pending home sales index fell to 71.5 in June 2024, down 0.8% MoM via NAR.
- Average 30-year fixed mortgage rate was 6.77% in late July 2024 per Freddie Mac.
- 15-year fixed rate averaged 6.07% for the week ending July 25, 2024 according to Mortgage News Daily.
- 5/1 ARM rates hit 6.42% nationally in July 2024 via Bankrate survey.
- Housing affordability index fell to 98.1 in Q2 2024 per NAR.
- Median monthly housing payment hit $2,256 in June 2024, up 4.5% YoY via Redfin.
- Rent affordability ratio in US reached 30.4% of median income in Q2 2024 per Apartment List.
Home prices are rising nationwide while affordability and sales decline.
Affordability and Rents
1Housing affordability index fell to 98.1 in Q2 2024 per NAR.
Verified2Median monthly housing payment hit $2,256 in June 2024, up 4.5% YoY via Redfin.
Verified3Rent affordability ratio in US reached 30.4% of median income in Q2 2024 per Apartment List.
Verified4Home price-to-income ratio nationwide was 5.6 in 2024 per Demographia.
Directional5National median rent was $2,000 per month in July 2024, up 2.1% YoY according to Zillow.
Single source6Renters spending over 50% of income on rent rose to 22.5 million households in 2023 per Harvard JCHS.
Verified7Mortgage affordability for median buyer required $108,000 income in Q2 2024 per NAR.
Verified8NYC rent burden affected 53% of renters in 2024 per StreetEasy report.
Verified9US rent growth slowed to 1.2% YoY in July 2024 per CoreLogic Rental Report.
Directional10Price-to-rent ratio nationally was 20.5 in Q2 2024 via Zillow.
Single source11First-time buyer share dropped to 26% in 2024 per NAR Profile of Buyers.
Verified12Median renter income was $52,000 in 2023, covering rent for 27% of income per Census ACS.
Verified13San Francisco rent affordability index was 42% of income in July 2024 per RentCafe.
Verified14National homeownership rate for under-35s fell to 37.4% in Q2 2024 per Census.
Directional15Rent vacancy rate dropped to 6.6% in Q1 2024 pushing rents up per Moody's.
Single source16Monthly cost to buy vs rent gap widened to $1,200 in 2024 per Bankrate.
Verified17Black homeownership rate stagnated at 44.1% in 2024 amid affordability crunch per Urban Institute.
Verified18Median asking rent in Phoenix hit $1,850 in July 2024, up 4% YoY per Redfin.
Verified19Affordability for millennials required $130,000 income in coastal markets per Redfin.
Directional20National multifamily rent growth was 2.8% YoY in Q2 2024 per Yardi Matrix.
Single source21Rent control covered 4% of US units but affordability still low per HUD.
Verified22Income needed for median home rose 15% since 2020 to $115,000 per NAHB.
Verified23Austin rents averaged $1,720 in July 2024, burdening 32% of median income per Apartment List.
Verified24Senior housing affordability crisis affected 1 in 3 renters over 65 per AARP.
Directional25Rent-to-income ratio hit 32% in Miami in 2024 per Rent.com.
Single sourceAffordability and Rents Interpretation
The dream of homeownership is rapidly becoming a financial mirage, while renting offers little more than a slightly less suffocating anchor, as both buyers and renters across generations and geographies are now buckling under the crushing weight of costs completely untethered from stagnant wages.
Home Prices
1The median sales price of existing homes in the United States was $412,300 in June 2024, marking a 4.1% increase from June 2023.
Verified2In Q2 2024, the average home price in California reached $859,400, up 6.2% year-over-year according to Zillow data.
Verified3New York City's median home sale price hit $1,095,000 in Q2 2024, a 7.8% rise from the previous year per StreetEasy.
Verified4The Case-Shiller National Home Price Index increased by 6.4% year-over-year in May 2024.
Directional5Median home prices in Austin, TX surged to $495,000 in July 2024, 3.2% higher than last year per Redfin.
Single source6FHFA House Price Index for the US rose 5.2% in Q1 2024 compared to Q1 2023.
Verified7Miami's median single-family home price was $640,000 in June 2024, up 8.1% YoY via Realtor.com.
Verified8The national average home value stood at $367,711 in August 2024 per Zillow's Zestimate.
Verified9Phoenix metro area home prices averaged $445,000 in Q2 2024, increasing 4.9% YoY according to CoreLogic.
Directional10Seattle's median home price climbed to $825,000 in July 2024, a 5.6% gain per Redfin reports.
Single source11Denver home prices hit $585,000 median in June 2024, up 2.8% from prior year via Altos Research.
Verified12The US median listing price for homes was $428,000 in July 2024 per Realtor.com.
Verified13Atlanta's median sale price reached $415,000 in Q2 2024, 4.3% higher YoY according to Zillow.
Verified14Boston metro median home price was $742,000 in June 2024, up 5.9% YoY per The Warren Group.
Directional15Las Vegas home prices averaged $465,000 in July 2024, a 6.1% increase via Redfin data.
Single source16Portland, OR median price stood at $535,000 in Q2 2024, rising 3.7% YoY per RMLS.
Verified17National home price growth slowed to 4.2% YoY in June 2024 according to Black Knight.
Verified18Tampa's median home price was $395,000 in July 2024, up 5.4% from last year per Redfin.
Verified19Chicago median sales price hit $340,000 in Q2 2024, 7.2% YoY increase via Midwest Real Estate Data.
Directional20San Francisco Bay Area median price reached $1,350,000 in June 2024, up 4.8% YoY per California Association of Realtors.
Single source21Dallas-Fort Worth median home price was $395,000 in July 2024, 2.6% higher YoY according to HAR.
Verified22Philadelphia metro prices averaged $375,000 in Q2 2024, rising 5.1% YoY per Bright MLS.
Verified23Nashville median sale price climbed to $455,000 in June 2024, up 3.9% YoY via REALtrends.
Verified24Orlando home prices hit $415,000 median in July 2024, 6.3% increase per Redfin.
Directional25Detroit median price was $245,000 in Q2 2024, surging 8.5% YoY according to Realcomp.
Single source26Minneapolis-St. Paul median reached $375,000 in June 2024, up 4.7% YoY per NorthstarMLS.
Verified27Charlotte, NC prices averaged $425,000 in July 2024, 5.2% YoY gain via Canopy MLS.
Verified28San Diego median home price was $1,050,000 in Q2 2024, up 6.8% YoY per Sandicor.
Verified29Raleigh-Durham median price hit $465,000 in June 2024, 4.1% increase according to Triangle MLS.
DirectionalHome Prices Interpretation
In a display of economic resilience that would make a cockroach jealous, the entire U.S. housing market, from coast to coast, stubbornly insisted on becoming more expensive in 2024.
Home Sales
1Existing-home sales totaled 3.89 million annualized in June 2024, down 5.4% YoY according to NAR.
Verified2New single-family home sales reached 617,000 annualized in June 2024, up 2.5% MoM per Census.
Verified3Pending home sales index fell to 71.5 in June 2024, down 0.8% MoM via NAR.
Verified4Redfin-compiled home sales volume dropped 8% YoY nationwide in July 2024.
Directional5California existing home sales were 278,460 annualized in June 2024, down 10% YoY per CAR.
Single source6Florida home sales totaled 380,000 annualized in Q2 2024, flat YoY according to Florida Realtors.
Verified7Texas existing home sales hit 320,000 annualized in July 2024, down 4% YoY per Texas Realtors.
Verified8Atlanta metro sales volume was 45,000 homes in Q2 2024, down 2% YoY via FMLS.
Verified9Phoenix home sales fell 1.5% YoY to 7,200 in July 2024 per ARMLS.
Directional10Median days on market nationwide rose to 44 days in June 2024, up from 31 last year via Redfin.
Single source11New York metro sales volume declined 12% YoY in Q2 2024 according to OneKey MLS.
Verified12Seattle area home sales totaled 6,500 in July 2024, down 6% YoY per NWMLS.
Verified13National contract signings up 1.2% MoM but down 2% YoY in June 2024 per NAR PHSI.
Verified14Miami-Dade sales rose 5% YoY to 2,800 homes in June 2024 via Miami Realtors.
Directional15Denver sales volume was 4,200 homes in July 2024, flat YoY per REcolorado.
Single source16Midwest sales down 7% YoY to 1.1 million annualized in Q2 2024 according to MRED.
Verified17Las Vegas Valley sales hit 2,900 in June 2024, up 3% YoY per GLVAR.
Verified18Boston-area closed sales fell 8.5% YoY in June 2024 per GBAR.
Verified19San Diego County sales totaled 3,200 homes in Q2 2024, down 4% YoY via Sandicor.
Directional20Charlotte sales volume up 2% YoY to 12,000 in July 2024 per Canopy MLS.
Single sourceHome Sales Interpretation
It seems the housing market has collectively decided to take a sedated summer siesta, as sales are mostly down, flat, or rising at a polite, unmotivated pace, while homes linger longer on the market like reluctant party guests.
Housing Inventory
1Active single-family home listings nationwide fell to 720,000 in July 2024, down 25% from pre-pandemic levels per Realtor.com.
Verified2New home inventory reached 481,000 units at end of June 2024, up 12.5% YoY according to Census Bureau.
Verified3Months' supply of existing homes was 4.2 months in June 2024, up from 3.3 months last year via NAR.
Verified4Total US housing inventory stood at 1.28 million homes for sale in July 2024, a 17% YoY increase per Redfin.
Directional5Seller's market share dropped to 21.6% of US metros in Q2 2024 per Zillow analysis.
Single source6Pending home listings increased by 6.4% YoY to 380,000 in June 2024 according to Redfin.
Verified7National new listings rose 1.2% YoY in July 2024 but remained 20% below 2019 peaks via Realtor.com.
Verified8Inventory of homes for sale in California was 152,000 units in Q2 2024, up 28% YoY per CAR.
Verified9Florida's active listings surged to 240,000 in June 2024, a 35% increase from last year according to Florida Realtors.
Directional10Texas inventory reached 98,000 homes in July 2024, up 22% YoY per Texas Realtors.
Single source11Months' supply in Phoenix was 4.8 months in July 2024, highest since 2014 via ARMLS.
Verified12National unsold inventory for new homes hit 8.1 months' supply in June 2024 per Census.
Verified13Active listings in Atlanta metro climbed 32% YoY to 18,500 in Q2 2024 according to FMLS.
Verified14Midwest inventory grew 15% YoY to 220,000 units in June 2024 via Midwest Real Estate Data.
Directional15New construction inventory in Boise, ID reached 2,100 units in July 2024, up 40% YoY per Boise Regional MLS.
Single source16US total housing starts fell to 1.28 million annualized in June 2024, down 5.5% from May per Census.
Verified17Rental vacancy rate was 6.8% in Q2 2024 nationally according to Census Bureau.
Verified18Inventory per capita in San Francisco was 0.3 homes per 1,000 residents in July 2024 per Zillow.
Verified19National active listing count rose 28.9% YoY to 890,000 in late July 2024 via Redfin.
Directional20Condo inventory in Miami increased 45% YoY to 12,000 units in Q2 2024 per Condo.com.
Single source21Building permits issued nationwide totaled 1.45 million annualized in June 2024, up 3.5% MoM per Census.
Verified22Inventory in Denver metro hit 7,200 homes in July 2024, 25% above last year via REcolorado.
Verified23Northeast US months' supply averaged 5.1 months in Q2 2024 according to NAR regional data.
Verified24Luxury home inventory (over $1M) grew 15% YoY to 85,000 nationwide in June 2024 per Redfin.
Directional25South region's active listings up 30% YoY to 450,000 in July 2024 via Realtor.com.
Single source26Existing single-family inventory was 650,000 units in June 2024, 20% YoY increase per NAR.
Verified27West Coast new home inventory averaged 4.5 months' supply in Q2 2024 according to NAHB.
Verified28Total US listings under contract rose 10% YoY in July 2024 but still low at 400,000 per CoreLogic.
VerifiedHousing Inventory Interpretation
The market is a perplexing cocktail of scarcity and surplus, where soaring new construction and regional gluts are awkwardly trying to fill the cavernous hole left by a still-stubborn shortage of existing homes for sale.
Mortgage Rates
1Average 30-year fixed mortgage rate was 6.77% in late July 2024 per Freddie Mac.
Verified215-year fixed rate averaged 6.07% for the week ending July 25, 2024 according to Mortgage News Daily.
Verified35/1 ARM rates hit 6.42% nationally in July 2024 via Bankrate survey.
Verified4Jumbo 30-year fixed rates averaged 6.85% in Q2 2024 per optimalblue.
Directional5FHA 30-year mortgage rate was 6.58% in June 2024 according to Genworth.
Single source6VA 30-year fixed rate averaged 6.45% for July 2024 per Veterans United.
Verified7National average refinance rate for 30-year fixed was 6.82% on July 30, 2024 via NerdWallet.
Verified830-year fixed rates in California averaged 6.92% in late July 2024 per HSH Associates.
Verified9Effective mortgage rate spread over Treasuries widened to 2.85% in Q2 2024 per Urban Institute.
Directional10Average APR on 30-year fixed loans was 6.95% in July 2024 according to LendingTree.
Single source117/1 ARM rates stood at 6.55% nationally in June 2024 via Zillow.
Verified12Conforming 30-year fixed rate averaged 6.74% for week of July 26, 2024 per Mortgage News Daily.
Verified13Texas mortgage rates for 30-year fixed were 6.79% average in July 2024 per BestCashCow.
Verified14Florida 30-year fixed rates hit 6.88% in late July 2024 via Bankrate state data.
Directional15Mortgage rates dipped to 6.74% for 30-year fixed on July 25, 2024 per Freddie Mac weekly survey.
Single source16High-balance conforming rates averaged 6.91% in Q2 2024 according to MBA.
Verified1730-year fixed rates for investment properties were 7.12% in July 2024 per Rocket Mortgage.
Verified18New York 30-year fixed average was 6.89% in July 2024 via Yahoo Finance.
Verified19Adjustable-rate mortgage share of applications rose to 11% in June 2024 per MBA.
Directional2010-year Treasury yield influenced rates at 4.25% correlating to 6.80% mortgages in July 2024 via CME.
Single source21Average construction loan rate was 7.45% in Q2 2024 per NAHB/Wells Fargo survey.
Verified22HELOC rates averaged 9.15% nationally in July 2024 according to Bankrate.
Verified23Reverse mortgage rates for HECM were 6.95% effective in June 2024 per NRMLA.
Verified24Mortgage delinquency rate influenced by rates rose to 3.92% in Q1 2024 per MBA.
DirectionalMortgage Rates Interpretation
Despite the Federal Reserve's attempts at financial acupuncture, the housing market has responded with a collective, "Ouch, that's still expensive," as mortgage rates stubbornly hover between 6.5% and 7%, making the dream of homeownership feel less like a milestone and more like a math test you forgot to study for.
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