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
- 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 price-to-income ratio nationwide was 5.6 in 2024 per Demographia.
- National median rent was $2,000 per month in July 2024, up 2.1% YoY according to Zillow.
- Renters spending over 50% of income on rent rose to 22.5 million households in 2023 per Harvard JCHS.
- Mortgage affordability for median buyer required $108,000 income in Q2 2024 per NAR.
- NYC rent burden affected 53% of renters in 2024 per StreetEasy report.
- US rent growth slowed to 1.2% YoY in July 2024 per CoreLogic Rental Report.
- Price-to-rent ratio nationally was 20.5 in Q2 2024 via Zillow.
- First-time buyer share dropped to 26% in 2024 per NAR Profile of Buyers.
- Median renter income was $52,000 in 2023, covering rent for 27% of income per Census ACS.
- San Francisco rent affordability index was 42% of income in July 2024 per RentCafe.
- National homeownership rate for under-35s fell to 37.4% in Q2 2024 per Census.
- Rent vacancy rate dropped to 6.6% in Q1 2024 pushing rents up per Moody's.
- Monthly cost to buy vs rent gap widened to $1,200 in 2024 per Bankrate.
- Black homeownership rate stagnated at 44.1% in 2024 amid affordability crunch per Urban Institute.
- Median asking rent in Phoenix hit $1,850 in July 2024, up 4% YoY per Redfin.
- Affordability for millennials required $130,000 income in coastal markets per Redfin.
- National multifamily rent growth was 2.8% YoY in Q2 2024 per Yardi Matrix.
- Rent control covered 4% of US units but affordability still low per HUD.
- Income needed for median home rose 15% since 2020 to $115,000 per NAHB.
- Austin rents averaged $1,720 in July 2024, burdening 32% of median income per Apartment List.
- Senior housing affordability crisis affected 1 in 3 renters over 65 per AARP.
- Rent-to-income ratio hit 32% in Miami in 2024 per Rent.com.
Affordability 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
- 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.
- The Case-Shiller National Home Price Index increased by 6.4% year-over-year in May 2024.
- Median home prices in Austin, TX surged to $495,000 in July 2024, 3.2% higher than last year per Redfin.
- FHFA House Price Index for the US rose 5.2% in Q1 2024 compared to Q1 2023.
- Miami's median single-family home price was $640,000 in June 2024, up 8.1% YoY via Realtor.com.
- The national average home value stood at $367,711 in August 2024 per Zillow's Zestimate.
- Phoenix metro area home prices averaged $445,000 in Q2 2024, increasing 4.9% YoY according to CoreLogic.
- Seattle's median home price climbed to $825,000 in July 2024, a 5.6% gain per Redfin reports.
- Denver home prices hit $585,000 median in June 2024, up 2.8% from prior year via Altos Research.
- The US median listing price for homes was $428,000 in July 2024 per Realtor.com.
- Atlanta's median sale price reached $415,000 in Q2 2024, 4.3% higher YoY according to Zillow.
- Boston metro median home price was $742,000 in June 2024, up 5.9% YoY per The Warren Group.
- Las Vegas home prices averaged $465,000 in July 2024, a 6.1% increase via Redfin data.
- Portland, OR median price stood at $535,000 in Q2 2024, rising 3.7% YoY per RMLS.
- National home price growth slowed to 4.2% YoY in June 2024 according to Black Knight.
- Tampa's median home price was $395,000 in July 2024, up 5.4% from last year per Redfin.
- Chicago median sales price hit $340,000 in Q2 2024, 7.2% YoY increase via Midwest Real Estate Data.
- San Francisco Bay Area median price reached $1,350,000 in June 2024, up 4.8% YoY per California Association of Realtors.
- Dallas-Fort Worth median home price was $395,000 in July 2024, 2.6% higher YoY according to HAR.
- Philadelphia metro prices averaged $375,000 in Q2 2024, rising 5.1% YoY per Bright MLS.
- Nashville median sale price climbed to $455,000 in June 2024, up 3.9% YoY via REALtrends.
- Orlando home prices hit $415,000 median in July 2024, 6.3% increase per Redfin.
- Detroit median price was $245,000 in Q2 2024, surging 8.5% YoY according to Realcomp.
- Minneapolis-St. Paul median reached $375,000 in June 2024, up 4.7% YoY per NorthstarMLS.
- Charlotte, NC prices averaged $425,000 in July 2024, 5.2% YoY gain via Canopy MLS.
- San Diego median home price was $1,050,000 in Q2 2024, up 6.8% YoY per Sandicor.
- Raleigh-Durham median price hit $465,000 in June 2024, 4.1% increase according to Triangle MLS.
Home 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
- 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.
- Redfin-compiled home sales volume dropped 8% YoY nationwide in July 2024.
- California existing home sales were 278,460 annualized in June 2024, down 10% YoY per CAR.
- Florida home sales totaled 380,000 annualized in Q2 2024, flat YoY according to Florida Realtors.
- Texas existing home sales hit 320,000 annualized in July 2024, down 4% YoY per Texas Realtors.
- Atlanta metro sales volume was 45,000 homes in Q2 2024, down 2% YoY via FMLS.
- Phoenix home sales fell 1.5% YoY to 7,200 in July 2024 per ARMLS.
- Median days on market nationwide rose to 44 days in June 2024, up from 31 last year via Redfin.
- New York metro sales volume declined 12% YoY in Q2 2024 according to OneKey MLS.
- Seattle area home sales totaled 6,500 in July 2024, down 6% YoY per NWMLS.
- National contract signings up 1.2% MoM but down 2% YoY in June 2024 per NAR PHSI.
- Miami-Dade sales rose 5% YoY to 2,800 homes in June 2024 via Miami Realtors.
- Denver sales volume was 4,200 homes in July 2024, flat YoY per REcolorado.
- Midwest sales down 7% YoY to 1.1 million annualized in Q2 2024 according to MRED.
- Las Vegas Valley sales hit 2,900 in June 2024, up 3% YoY per GLVAR.
- Boston-area closed sales fell 8.5% YoY in June 2024 per GBAR.
- San Diego County sales totaled 3,200 homes in Q2 2024, down 4% YoY via Sandicor.
- Charlotte sales volume up 2% YoY to 12,000 in July 2024 per Canopy MLS.
Home 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
- 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.
- Total US housing inventory stood at 1.28 million homes for sale in July 2024, a 17% YoY increase per Redfin.
- Seller's market share dropped to 21.6% of US metros in Q2 2024 per Zillow analysis.
- Pending home listings increased by 6.4% YoY to 380,000 in June 2024 according to Redfin.
- National new listings rose 1.2% YoY in July 2024 but remained 20% below 2019 peaks via Realtor.com.
- Inventory of homes for sale in California was 152,000 units in Q2 2024, up 28% YoY per CAR.
- Florida's active listings surged to 240,000 in June 2024, a 35% increase from last year according to Florida Realtors.
- Texas inventory reached 98,000 homes in July 2024, up 22% YoY per Texas Realtors.
- Months' supply in Phoenix was 4.8 months in July 2024, highest since 2014 via ARMLS.
- National unsold inventory for new homes hit 8.1 months' supply in June 2024 per Census.
- Active listings in Atlanta metro climbed 32% YoY to 18,500 in Q2 2024 according to FMLS.
- Midwest inventory grew 15% YoY to 220,000 units in June 2024 via Midwest Real Estate Data.
- New construction inventory in Boise, ID reached 2,100 units in July 2024, up 40% YoY per Boise Regional MLS.
- US total housing starts fell to 1.28 million annualized in June 2024, down 5.5% from May per Census.
- Rental vacancy rate was 6.8% in Q2 2024 nationally according to Census Bureau.
- Inventory per capita in San Francisco was 0.3 homes per 1,000 residents in July 2024 per Zillow.
- National active listing count rose 28.9% YoY to 890,000 in late July 2024 via Redfin.
- Condo inventory in Miami increased 45% YoY to 12,000 units in Q2 2024 per Condo.com.
- Building permits issued nationwide totaled 1.45 million annualized in June 2024, up 3.5% MoM per Census.
- Inventory in Denver metro hit 7,200 homes in July 2024, 25% above last year via REcolorado.
- Northeast US months' supply averaged 5.1 months in Q2 2024 according to NAR regional data.
- Luxury home inventory (over $1M) grew 15% YoY to 85,000 nationwide in June 2024 per Redfin.
- South region's active listings up 30% YoY to 450,000 in July 2024 via Realtor.com.
- Existing single-family inventory was 650,000 units in June 2024, 20% YoY increase per NAR.
- West Coast new home inventory averaged 4.5 months' supply in Q2 2024 according to NAHB.
- Total US listings under contract rose 10% YoY in July 2024 but still low at 400,000 per CoreLogic.
Housing 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
- 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.
- Jumbo 30-year fixed rates averaged 6.85% in Q2 2024 per optimalblue.
- FHA 30-year mortgage rate was 6.58% in June 2024 according to Genworth.
- VA 30-year fixed rate averaged 6.45% for July 2024 per Veterans United.
- National average refinance rate for 30-year fixed was 6.82% on July 30, 2024 via NerdWallet.
- 30-year fixed rates in California averaged 6.92% in late July 2024 per HSH Associates.
- Effective mortgage rate spread over Treasuries widened to 2.85% in Q2 2024 per Urban Institute.
- Average APR on 30-year fixed loans was 6.95% in July 2024 according to LendingTree.
- 7/1 ARM rates stood at 6.55% nationally in June 2024 via Zillow.
- Conforming 30-year fixed rate averaged 6.74% for week of July 26, 2024 per Mortgage News Daily.
- Texas mortgage rates for 30-year fixed were 6.79% average in July 2024 per BestCashCow.
- Florida 30-year fixed rates hit 6.88% in late July 2024 via Bankrate state data.
- Mortgage rates dipped to 6.74% for 30-year fixed on July 25, 2024 per Freddie Mac weekly survey.
- High-balance conforming rates averaged 6.91% in Q2 2024 according to MBA.
- 30-year fixed rates for investment properties were 7.12% in July 2024 per Rocket Mortgage.
- New York 30-year fixed average was 6.89% in July 2024 via Yahoo Finance.
- Adjustable-rate mortgage share of applications rose to 11% in June 2024 per MBA.
- 10-year Treasury yield influenced rates at 4.25% correlating to 6.80% mortgages in July 2024 via CME.
- Average construction loan rate was 7.45% in Q2 2024 per NAHB/Wells Fargo survey.
- HELOC rates averaged 9.15% nationally in July 2024 according to Bankrate.
- Reverse mortgage rates for HECM were 6.95% effective in June 2024 per NRMLA.
- Mortgage delinquency rate influenced by rates rose to 3.92% in Q1 2024 per MBA.
Mortgage 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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