If you think home prices are soaring out of reach, you’re right—and a flurry of new data from coast to coast reveals exactly how much they’ve climbed and who’s still managing to buy in today’s challenging market.
Key Takeaways
- In 2023, the national median existing-home sales price rose 5.7% year-over-year to $389,800.
- As of Q2 2024, the median home price in the U.S. reached $417,700, up 4.6% from Q2 2023.
- In June 2024, the median sales price for existing single-family homes was $423,000, a 4.1% increase from June 2023.
- U.S. active listings totaled 1.3 million in June 2024, up 16.8% YoY.
- Months of inventory for existing homes was 4.2 in June 2024.
- New listings surged 6.5% YoY to 415,000 in June 2024.
- Existing-home sales reached 4.11 million annually in June 2024, up 1.3% MoM.
- Total U.S. home sales volume was 4.09 million in 2023.
- New home sales at 617,000 annualized pace in June 2024.
- 30-year fixed mortgage rate averaged 6.81% in 2023.
- Average 30-year rate hit 7.79% peak in Oct 2023.
- Mortgage applications up 1.8% WoW in July 2024.
- Median buyer age was 56 for all buyers in 2023 NAR survey.
- First-time buyers median age 38 in 2023.
- 89% of buyers were married couples in 2023.
Home prices are rising nationally despite high mortgage rates and mixed sales activity.
Demographics
- Median buyer age was 56 for all buyers in 2023 NAR survey.
- First-time buyers median age 38 in 2023.
- 89% of buyers were married couples in 2023.
- Single female buyers 19%, single males 10% in 2023.
- Median household income for buyers $107,000 in 2023.
- 23% of buyers were born outside U.S. in 2023.
- Baby Boomers 39% of buyers in 2023.
- Millennials 38% of buyers in 2023.
- Gen Z first-time buyers rose to 8% in 2023.
- 51% of sellers motivated by desire for larger home.
- Average seller owned home 10 years before selling in 2023.
- 90% used real estate agent to buy in 2023.
- 22% of buyers waived appraisal contingency in 2023.
- Top reason to buy: desire to own home (63%) in 2023.
- 54% of recent buyers white, 15% Hispanic in 2023.
- Black buyers 8%, Asian 7% of market in 2023.
- 62% of buyers searched 2 weeks or less online in 2023.
- 51% considered neighborhood quality top factor.
- Median buyer education bachelor's degree in 2023.
- 34% of first-time buyers under 35 in 2023.
- Sellers median age 60 in 2023 NAR profile.
- 28% relocated for job in past 5 years among buyers.
- Rural buyers 14%, suburban 48%, urban 38% in 2023.
- Pet-owning buyers 70% in 2023 survey.
Demographics Interpretation
The 2023 American dream is a mature, married, and affluent quest for ownership, largely guided by agents and fueled by pets, patience, and the perpetual desire for more space.
Inventory
- U.S. active listings totaled 1.3 million in June 2024, up 16.8% YoY.
- Months of inventory for existing homes was 4.2 in June 2024.
- New listings surged 6.5% YoY to 415,000 in June 2024.
- Housing starts fell 5.5% to 1.28 million annualized in June 2024.
- Single-family housing permits dropped 3.4% YoY in June 2024.
- Builder confidence index was 43 in July 2024, per NAHB.
- Under-construction homes comprised 28% of inventory in Q1 2024.
- Pending home sales up 0.6% MoM but down 5.8% YoY in June 2024.
- Vacant homes for sale were 1.04 million in Q1 2024.
- New home inventory at 8.1 months supply in June 2024.
- Existing home inventory up 23.4% YoY to 1.32 million units in July 2024.
- Homes under contract took 51 days on market in June 2024.
- Shadow inventory (distressed) at 0.4% of active listings in 2023.
- California had 145,000 active listings in June 2024.
- Florida inventory reached 6.5 months supply in May 2024.
- Texas listings up 12% YoY to 95,000 in Q2 2024.
- Midwest inventory 5.8 months in June 2024.
- Northeast at 4.9 months supply for homes in June 2024.
- South region inventory 4.5 months in Q2 2024.
- West U.S. inventory rose to 4.1 months in June 2024.
- 72% of builders reported labor shortages in 2024 survey.
- Lot supply for single-family homes at 3.1 months in Q1 2024.
- Rental vacancy rate was 6.6% in Q1 2024 nationally.
- Homeowner vacancy rate steady at 0.9% in Q1 2024.
- 15% of U.S. homes built before 1960 as of 2023 Census.
- Multifamily completions up 52% YoY to 493,000 in 2023.
Inventory Interpretation
Homebuyers are finally getting more breathing room with a record influx of existing homes for sale, but builders are hitting the brakes so hard they might start renting out the construction sites.
Mortgages
- 30-year fixed mortgage rate averaged 6.81% in 2023.
- Average 30-year rate hit 7.79% peak in Oct 2023.
- Mortgage applications up 1.8% WoW in July 2024.
- 95% of buyers used financing in 2023 NAR data.
- FHA loans 17% of purchase originations in Q1 2024.
- VA loans comprised 12% of 2023 purchase mortgages.
- Conventional loans 71% of market in Q1 2024.
- Average debt-to-income ratio for buyers was 36% in 2023.
- Mortgage delinquency rate 3.97% in Q1 2024.
- Serious delinquency (90+ days) at 0.93% in Q1 2024.
- Homeowner mortgage debt hit $12.25 trillion in Q1 2024.
- Refinance share of applications 0.4% in June 2024.
- Purchase app index down 2% YoY in July 2024.
- Jumbo loan rates averaged 7.05% in June 2024.
- ARM share rose to 10.5% of apps in Q2 2024.
- Median down payment 14% for all buyers in 2023.
- First-time buyer median down payment 9% in 2023.
- Repeat buyer down payment averaged 19% in 2023.
- Foreclosure starts up 9% YoY to 40,000 in Q1 2024.
- Prepayment rates low at 2.5% annualized in 2024.
- Credit score average for purchase loans 755 in 2023.
- LTV ratio averaged 84% for FHA loans in 2023.
- 15-year fixed rate averaged 6.16% in 2023.
- South mortgage apps up 2% in June 2024.
Mortgages Interpretation
The data paints a picture of a market that is remarkably resilient despite a high-rate headwind, where well-qualified buyers are still gritting their teeth and finding ways to finance homes, but they're putting less skin in the game and the slightest signs of financial strain are beginning to show.
Prices
- In 2023, the national median existing-home sales price rose 5.7% year-over-year to $389,800.
- As of Q2 2024, the median home price in the U.S. reached $417,700, up 4.6% from Q2 2023.
- In June 2024, the median sales price for existing single-family homes was $423,000, a 4.1% increase from June 2023.
- Zillow's Home Value Index showed U.S. home values at $347,539 in June 2024, up 2.7% year-over-year.
- Redfin reports the average U.S. home sale price hit $432,000 in May 2024, up 1.7% from last year.
- CoreLogic's Home Price Index indicated a 5.0% annual gain in U.S. home prices through April 2024.
- In 2023, median home prices in California exceeded $800,000, leading all states.
- Texas median home price was $325,000 in Q1 2024, up 2.1% year-over-year.
- New York City's median home sale price reached $775,000 in Q2 2024.
- Florida's median single-family home price was $395,000 in May 2024.
- The Case-Shiller National Home Price Index rose 6.4% year-over-year in April 2024.
- FHFA House Price Index showed 5.2% growth in Q1 2024 for the U.S.
- Atlanta median home price was $395,000 in June 2024, up 3.9% YoY.
- Seattle's median sale price hit $825,000 in Q2 2024.
- Phoenix home prices averaged $445,000 in May 2024, up 4.8% YoY.
- Denver median price reached $585,000 in June 2024.
- Miami's median home price was $580,000 in Q1 2024, up 7.2% YoY.
- Boston median sales price was $750,000 in May 2024.
- Las Vegas home prices averaged $445,000 in June 2024, up 5.4% YoY.
- Portland, OR median price hit $530,000 in Q2 2024.
- Nationally, luxury home prices (top 5%) rose 8.2% YoY in 2023.
- Starter homes (under $200k) saw only 1.2% price growth in 2023.
- Condo prices increased 3.5% YoY to median $357,400 in 2023.
- Single-family detached homes median price $400,000 in Q1 2024.
- Townhome prices rose 6.1% YoY to $345,000 median in 2023.
- In 2023, 47% of homes sold above list price nationally.
- Average U.S. home price per square foot was $213 in 2023.
- Midwest median home price $295,000 in Q2 2024, up 4.0% YoY.
- Northeast prices up 6.5% YoY to $435,000 median in June 2024.
- South region median price $355,000, +5.2% YoY in Q2 2024.
- Western U.S. median home price $552,000 in June 2024, +3.8% YoY.
Prices Interpretation
Despite the relentless chatter of an unaffordable market, the numbers whisper a more stubborn truth: home prices across America are climbing with quiet persistence, defying gravity and budgets alike.
Sales
- Existing-home sales reached 4.11 million annually in June 2024, up 1.3% MoM.
- Total U.S. home sales volume was 4.09 million in 2023.
- New home sales at 617,000 annualized pace in June 2024.
- Redfin-tracked sales up 0.8% YoY in May 2024 to 24,700 homes.
- 24% of homes sold above list price in June 2024.
- Median days on market for all homes was 44 days in June 2024.
- Cash sales accounted for 28% of transactions in Q2 2024.
- First-time buyers made up 32% of purchases in 2023 NAR survey.
- Investor purchases fell to 15% of sales in 2023.
- All-cash sales hit record 33% during pandemic peak 2021.
- California home sales down 10% YoY to 280,000 in 2023.
- Florida sales totaled 378,000 homes in 2023.
- Texas closed 373,000 sales in 2023.
- Pending sales index at 71.5 in June 2024.
- Repeat buyers were 68% of market in 2023.
- Distressed sales (foreclosures/short sales) only 2% in 2023.
- Median days to pending was 20 days in June 2024.
- 30% of sellers had price reductions in June 2024.
- Northeast sales up 1.5% MoM in June 2024.
- South sales volume increased 2.0% in June 2024.
- Midwest closings rose 0.9% MoM June 2024.
- Western region sales up 1.1% in June 2024.
- Luxury sales (over $1M) down 2% YoY in 2023.
- Condo sales fell 5% to 530,000 units in 2023.
- Single-family sales 4.0 million in 2023.
Sales Interpretation
The market is a study in stubborn resilience, where homes sell quickly and often above asking despite high prices and relentless mortgage rates, proving that the American obsession with real estate remains undeterred, if not slightly delusional.
Sources & References
- Reference 1NARnar.realtorVisit source
- Reference 2ZILLOWzillow.comVisit source
- Reference 3REDFINredfin.comVisit source
- Reference 4CORELOGICcorelogic.comVisit source
- Reference 5HARhar.comVisit source
- Reference 6STREETEASYstreeteasy.comVisit source
- Reference 7FLORIDAREALTORSfloridarealtors.orgVisit source
- Reference 8SPGLOBALspglobal.comVisit source
- Reference 9FHFAfhfa.govVisit source
- Reference 10CENSUScensus.govVisit source
- Reference 11ATTOMDATAattomdata.comVisit source
- Reference 12NAHBnahb.orgVisit source
- Reference 13CRCARcrcar.orgVisit source
- Reference 14FREDDIEMACfreddiemac.comVisit source
- Reference 15MORTGAGENEWSDAILYmortgagenewsdaily.comVisit source
- Reference 16MBAmba.orgVisit source
- Reference 17URBANurban.orgVisit source
- Reference 18FEDERALRESERVEfederalreserve.govVisit source
- Reference 19BANKRATEbankrate.comVisit source
- Reference 20FANNIEMAEfanniemae.comVisit source