While the housing market has shown a remarkable resilience with home prices climbing from Seattle to Miami, many prospective buyers are now grappling with record-high mortgage payments and a sharp decline in affordability that could reshape homeownership dreams for an entire generation.
Key Takeaways
- In the United States, the median sales price of existing single-family homes was $389,800 in 2023, marking a 5.7% increase from 2022.
- The average home price in California reached $803,500 in Q2 2024, up 4.2% year-over-year.
- Nationally, U.S. home values increased by 5.1% in the past year to a typical value of $368,721 as of July 2024.
- The U.S. saw 2.3 million existing home sales in 2023, down 19% from 2022.
- In Q2 2024, U.S. existing-home sales totaled 3.97 million units at a seasonally adjusted annual rate.
- Florida recorded 189,000 existing home sales in 2023.
- U.S. active listings led to 3.8 months' supply in June 2024.
- National inventory of existing homes rose to 1.28 million units in June 2024.
- New home inventory stood at 481,000 units in June 2024, 8.6 months supply.
- U.S. homeownership rate was 65.7% in Q1 2024.
- Millennial homeownership rate reached 53.3% in 2023.
- Black homeownership rate stood at 44.1% in 2023.
- Average 30-year fixed mortgage rate was 6.95% in June 2024.
- U.S. mortgage debt outstanding reached $12.5 trillion in Q1 2024.
- Homebuyer affordability index fell to 98.1 in Q2 2024.
Home prices are rising across America despite a sharp drop in sales.
Home Prices
1In the United States, the median sales price of existing single-family homes was $389,800 in 2023, marking a 5.7% increase from 2022.
Verified2The average home price in California reached $803,500 in Q2 2024, up 4.2% year-over-year.
Verified3Nationally, U.S. home values increased by 5.1% in the past year to a typical value of $368,721 as of July 2024.
Verified4In New York City, the median home sale price hit $1,095,000 in Q1 2024, a 7.8% rise from the previous year.
Directional5The U.S. median home price per square foot was $237 in May 2024.
Single source6Texas median home price climbed to $335,000 in June 2024, reflecting 2.1% annual growth.
Verified7Florida's statewide median single-family home price was $415,000 in Q2 2024, up 5.3% YoY.
Verified8In Atlanta, GA, median home prices rose 3.9% to $415,000 in July 2024.
Verified9U.S. luxury home prices (top 5%) averaged $2.1 million in 2023.
Directional10Phoenix, AZ saw median home prices increase to $445,000 in Q2 2024, up 4.7%.
Single source11The national Case-Shiller Home Price Index rose 6.2% in May 2024 from the prior year.
Verified12Median condo price in Miami was $450,000 in June 2024, surging 8.2% YoY.
Verified13U.S. home price growth slowed to 4.8% YoY in June 2024.
Verified14Seattle's median home price hit $850,000 in Q2 2024, up 6.1%.
Directional15In 2023, the average U.S. new home price was $511,100.
Single source16Denver, CO median sales price reached $595,000 in July 2024.
Verified17National median price for townhomes was $345,000 in Q1 2024.
Verified18Las Vegas median home price climbed to $435,000 in June 2024, +3.5% YoY.
Verified19U.S. home prices in the Midwest rose 5.9% YoY to median $280,000 in Q2 2024.
Directional20Boston's median single-family home price was $925,000 in Q2 2024.
Single source21In 2022, U.S. median existing-home price peaked at $397,600.
Verified22Portland, OR median price increased to $535,000 in July 2024.
Verified23National average price per square foot for new homes was $160 in 2023.
Verified24Austin, TX saw median prices drop 1.2% to $535,000 in Q2 2024.
Directional25U.S. starter home median price was $233,400 in 2023.
Single source26Chicago median home price rose to $340,000 in June 2024.
Verified27Northeast U.S. median home price growth was 7.2% YoY in Q1 2024.
Verified28San Francisco median sale price was $1.35 million in Q2 2024.
Verified29U.S. median manufactured home price was $147,000 in 2023.
Directional30Tampa, FL median price hit $405,000 in July 2024, up 5.8%.
Single sourceHome Prices Interpretation
The national housing market, stubbornly high and climbing everywhere from New York’s seven-figure milestones to Atlanta’s $415,000 median, is basically telling first-time buyers to bring a suitcase of cash and a stiff drink—preferably to the Midwest, where the median is still (relatively) a bargain at $280,000.
Homeownership Rates
1U.S. homeownership rate was 65.7% in Q1 2024.
Verified2Millennial homeownership rate reached 53.3% in 2023.
Verified3Black homeownership rate stood at 44.1% in 2023.
Verified4Hispanic homeownership increased to 49.1% in Q1 2024.
Directional5First-time buyer share was 32% of purchases in 2023.
Single source6U.S. household formation drove ownership to 82.3 million owner households in 2023.
Verified7Gen Z homeownership rate hit 26.4% in 2023.
Verified8Suburban homeownership rate was 70.2% in 2023.
Verified9Repeat buyers accounted for 68% of 2023 purchases.
Directional10Asian American homeownership rate was 63.1% in 2023.
Single source11Vacant ownership rate for seasonal homes was 12.5% in 2023.
Verified12Baby Boomer ownership rate at 77.2% in 2023.
Verified13Rural homeownership rate reached 80.1% in Q1 2024.
Verified14Single women homeownership rate was 36.1% in 2023.
Directional15White non-Hispanic ownership at 73.6% in 2023.
Single source16Married couples owned 63% of homes in 2023.
Verified17Urban homeownership rate was 52.4% in 2023.
Verified18Veterans' homeownership rate hit 72.3% in 2023.
Verified19Empty-nester ownership increased to 28% of households in 2023.
Directional20Under-35 homeownership rate was 38.2% in Q1 2024.
Single source21Female-headed households ownership at 55.4% in 2023.
Verified2235-44 age group ownership rate was 67.8% in 2023.
Verified23Northeast homeownership rate dipped to 63.9% in Q1 2024.
VerifiedHomeownership Rates Interpretation
America’s housing story is one where those who have owned, keep owning, while nearly everyone else—from millennials and Gen Z to communities of color—is still figuring out how to grab a key to a kingdom dominated by Boomers, suburbs, and married couples.
Housing Inventory
1U.S. active listings led to 3.8 months' supply in June 2024.
Verified2National inventory of existing homes rose to 1.28 million units in June 2024.
Verified3New home inventory stood at 481,000 units in June 2024, 8.6 months supply.
Verified4Florida's active listings increased 25% YoY to 200,000 in Q2 2024.
Directional5U.S. months' supply of inventory hit 4.1 months in June 2024.
Single source6California unsold inventory ratio was 2.8 months in June 2024.
Verified7National new listings surged 10% YoY in Q2 2024.
Verified8Texas had 120,000 active listings in July 2024.
Verified9Under-construction new homes comprised 28% of inventory in Q2 2024.
Directional10Atlanta's inventory reached 18,000 homes in July 2024.
Single source11Completed new home inventory was 109,000 units in June 2024.
Verified12Phoenix active listings up 40% YoY to 12,000 in Q2 2024.
Verified13U.S. shadow inventory estimated at 600,000 homes in 2024.
Verified14Miami inventory supply rose to 7.2 months in June 2024.
Directional15Seattle listings increased 35% to 6,500 active in July 2024.
Single source16Multifamily under construction hit record 970,000 units in Q1 2024.
Verified17Denver's months of supply reached 4.5 in Q2 2024.
Verified18National vacant for-sale inventory was 890,000 in Q1 2024.
Verified19Las Vegas inventory up 50% to 7,200 listings in June 2024.
Directional20Midwest inventory supply was 5.2 months in June 2024.
Single source21Boston active listings grew 20% to 3,200 in Q2 2024.
Verified22Pending listings nationally rose 12% YoY in July 2024.
Verified23Portland inventory hit 4.8 months supply in July 2024.
Verified24South region inventory increased to 480,000 units in Q2 2024.
Directional25Austin listings surged 30% to 9,000 in June 2024.
Single sourceHousing Inventory Interpretation
While the national housing market is finally exhaling with more options, the recovery is a fickle and uneven beast, as seen in California's anemic 2.8-month supply versus Miami's leisurely 7.2-month marketplace, all while a tsunami of nearly a million new multifamily units looms in the construction pipeline.
Mortgage Rates
1Average 30-year fixed mortgage rate was 6.95% in June 2024.
Verified2U.S. mortgage debt outstanding reached $12.5 trillion in Q1 2024.
Verified3Homebuyer affordability index fell to 98.1 in Q2 2024.
Verified4FHA loan average rate was 6.72% in July 2024.
Directional515-year fixed mortgage averaged 6.22% in June 2024.
Single source6Mortgage applications dropped 26% YoY in June 2024.
Verified7Average debt-to-income ratio for buyers was 36% in 2023.
Verified8Jumbo loan rates hit 7.15% in Q2 2024.
Verified9Share of cash purchases was 28% in Q2 2024.
Directional10ARM rates averaged 7.05% in June 2024.
Single source11Median down payment for first-time buyers was 8% in 2023.
Verified12Mortgage delinquency rate was 3.98% in Q1 2024.
Verified13Housing affordability index for median family was 102.3 in Q1 2024.
Verified14VA loan rates averaged 6.68% in July 2024.
Directional15Refinance share of applications was 35.4% in June 2024.
Single source16Median FICO score for mortgages was 758 in Q1 2024.
Verified17Serious delinquency rate dropped to 0.81% in Q1 2024.
Verified18Share of adjustable-rate mortgages was 7.2% in Q1 2024.
Verified19Average loan-to-value ratio was 80% for purchases in 2023.
Directional20Foreclosure starts rate was 0.15% in Q2 2024.
Single source21Median monthly mortgage payment hit $2,217 in June 2024.
Verified22Conforming loan limit increased to $766,550 in 2024.
Verified23Buyer's remorse affected 82% due to high rates in 2024 survey.
Verified24GSE share of mortgage originations was 62% in 2023.
Directional25Median affordability payment was $1,945 for median home in Q2 2024.
Single sourceMortgage Rates Interpretation
With mortgage rates stubbornly high, a staggering debt pile looming, and buyers' wallets turning anemic, the American dream of homeownership is being priced into a state of collective, regret-filled arithmetic.
Sales Volume
1The U.S. saw 2.3 million existing home sales in 2023, down 19% from 2022.
Verified2In Q2 2024, U.S. existing-home sales totaled 3.97 million units at a seasonally adjusted annual rate.
Verified3Florida recorded 189,000 existing home sales in 2023.
Verified4National new home sales reached 668,000 units in 2023.
Directional5California home sales volume fell 20% YoY to 280,000 in 2023.
Single source6Pending home sales index dropped to 71.5 in June 2024.
Verified7Texas saw 347,000 home sales in 2023.
Verified8U.S. condo sales totaled 465,000 units in 2023.
Verified9Atlanta metro area had 48,000 home sales in Q2 2024.
Directional10Existing single-family home sales were 4.1 million in 2023.
Single source11Phoenix sales volume declined 10% to 72,000 homes in 2023.
Verified12National homes sold in June 2024: 3.89 million seasonally adjusted annual rate.
Verified13Miami-Fort Lauderdale sales hit 92,000 in 2023.
Verified14U.S. total home sales (existing + new) were 5.7 million in 2023.
Directional15Seattle-Tacoma-Bellevue sales volume was 62,000 in 2023.
Single source16Co-ops and condos sales fell 15% to 210,000 units nationally in 2023.
Verified17Denver-Aurora-Lakewood recorded 52,000 sales in 2023.
Verified18Year-over-year, U.S. home sales dropped 18.2% in June 2024.
Verified19Las Vegas-Henderson-Paradise sales totaled 38,000 in 2023.
Directional20Midwest region sales were 1.1 million units in 2023.
Single source21Boston-Cambridge-Newton sales volume: 28,000 in 2023.
Verified22New single-family home sales rate was 646,000 in June 2024 SAAR.
Verified23Portland-Vancouver-Hillsboro sales: 22,000 in 2023.
Verified24South region dominated with 2.1 million sales in 2023.
Directional25Austin-Round Rock-Georgetown sales fell to 42,000 in 2023.
Single sourceSales Volume Interpretation
The housing market stumbled through 2023 like a party everyone left early, with sales falling sharply nationwide as high mortgage rates and low inventory left both buyers and sellers sitting on their hands.
Sources & References
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