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
1Median buyer age was 56 for all buyers in 2023 NAR survey.
Verified2First-time buyers median age 38 in 2023.
Verified389% of buyers were married couples in 2023.
Verified4Single female buyers 19%, single males 10% in 2023.
Directional5Median household income for buyers $107,000 in 2023.
Single source623% of buyers were born outside U.S. in 2023.
Verified7Baby Boomers 39% of buyers in 2023.
Verified8Millennials 38% of buyers in 2023.
Verified9Gen Z first-time buyers rose to 8% in 2023.
Directional1051% of sellers motivated by desire for larger home.
Single source11Average seller owned home 10 years before selling in 2023.
Verified1290% used real estate agent to buy in 2023.
Verified1322% of buyers waived appraisal contingency in 2023.
Verified14Top reason to buy: desire to own home (63%) in 2023.
Directional1554% of recent buyers white, 15% Hispanic in 2023.
Single source16Black buyers 8%, Asian 7% of market in 2023.
Verified1762% of buyers searched 2 weeks or less online in 2023.
Verified1851% considered neighborhood quality top factor.
Verified19Median buyer education bachelor's degree in 2023.
Directional2034% of first-time buyers under 35 in 2023.
Single source21Sellers median age 60 in 2023 NAR profile.
Verified2228% relocated for job in past 5 years among buyers.
Verified23Rural buyers 14%, suburban 48%, urban 38% in 2023.
Verified24Pet-owning buyers 70% in 2023 survey.
DirectionalDemographics 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
1U.S. active listings totaled 1.3 million in June 2024, up 16.8% YoY.
Verified2Months of inventory for existing homes was 4.2 in June 2024.
Verified3New listings surged 6.5% YoY to 415,000 in June 2024.
Verified4Housing starts fell 5.5% to 1.28 million annualized in June 2024.
Directional5Single-family housing permits dropped 3.4% YoY in June 2024.
Single source6Builder confidence index was 43 in July 2024, per NAHB.
Verified7Under-construction homes comprised 28% of inventory in Q1 2024.
Verified8Pending home sales up 0.6% MoM but down 5.8% YoY in June 2024.
Verified9Vacant homes for sale were 1.04 million in Q1 2024.
Directional10New home inventory at 8.1 months supply in June 2024.
Single source11Existing home inventory up 23.4% YoY to 1.32 million units in July 2024.
Verified12Homes under contract took 51 days on market in June 2024.
Verified13Shadow inventory (distressed) at 0.4% of active listings in 2023.
Verified14California had 145,000 active listings in June 2024.
Directional15Florida inventory reached 6.5 months supply in May 2024.
Single source16Texas listings up 12% YoY to 95,000 in Q2 2024.
Verified17Midwest inventory 5.8 months in June 2024.
Verified18Northeast at 4.9 months supply for homes in June 2024.
Verified19South region inventory 4.5 months in Q2 2024.
Directional20West U.S. inventory rose to 4.1 months in June 2024.
Single source2172% of builders reported labor shortages in 2024 survey.
Verified22Lot supply for single-family homes at 3.1 months in Q1 2024.
Verified23Rental vacancy rate was 6.6% in Q1 2024 nationally.
Verified24Homeowner vacancy rate steady at 0.9% in Q1 2024.
Directional2515% of U.S. homes built before 1960 as of 2023 Census.
Single source26Multifamily completions up 52% YoY to 493,000 in 2023.
VerifiedInventory 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
130-year fixed mortgage rate averaged 6.81% in 2023.
Verified2Average 30-year rate hit 7.79% peak in Oct 2023.
Verified3Mortgage applications up 1.8% WoW in July 2024.
Verified495% of buyers used financing in 2023 NAR data.
Directional5FHA loans 17% of purchase originations in Q1 2024.
Single source6VA loans comprised 12% of 2023 purchase mortgages.
Verified7Conventional loans 71% of market in Q1 2024.
Verified8Average debt-to-income ratio for buyers was 36% in 2023.
Verified9Mortgage delinquency rate 3.97% in Q1 2024.
Directional10Serious delinquency (90+ days) at 0.93% in Q1 2024.
Single source11Homeowner mortgage debt hit $12.25 trillion in Q1 2024.
Verified12Refinance share of applications 0.4% in June 2024.
Verified13Purchase app index down 2% YoY in July 2024.
Verified14Jumbo loan rates averaged 7.05% in June 2024.
Directional15ARM share rose to 10.5% of apps in Q2 2024.
Single source16Median down payment 14% for all buyers in 2023.
Verified17First-time buyer median down payment 9% in 2023.
Verified18Repeat buyer down payment averaged 19% in 2023.
Verified19Foreclosure starts up 9% YoY to 40,000 in Q1 2024.
Directional20Prepayment rates low at 2.5% annualized in 2024.
Single source21Credit score average for purchase loans 755 in 2023.
Verified22LTV ratio averaged 84% for FHA loans in 2023.
Verified2315-year fixed rate averaged 6.16% in 2023.
Verified24South mortgage apps up 2% in June 2024.
DirectionalMortgages 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
1In 2023, the national median existing-home sales price rose 5.7% year-over-year to $389,800.
Verified2As of Q2 2024, the median home price in the U.S. reached $417,700, up 4.6% from Q2 2023.
Verified3In June 2024, the median sales price for existing single-family homes was $423,000, a 4.1% increase from June 2023.
Verified4Zillow's Home Value Index showed U.S. home values at $347,539 in June 2024, up 2.7% year-over-year.
Directional5Redfin reports the average U.S. home sale price hit $432,000 in May 2024, up 1.7% from last year.
Single source6CoreLogic's Home Price Index indicated a 5.0% annual gain in U.S. home prices through April 2024.
Verified7In 2023, median home prices in California exceeded $800,000, leading all states.
Verified8Texas median home price was $325,000 in Q1 2024, up 2.1% year-over-year.
Verified9New York City's median home sale price reached $775,000 in Q2 2024.
Directional10Florida's median single-family home price was $395,000 in May 2024.
Single source11The Case-Shiller National Home Price Index rose 6.4% year-over-year in April 2024.
Verified12FHFA House Price Index showed 5.2% growth in Q1 2024 for the U.S.
Verified13Atlanta median home price was $395,000 in June 2024, up 3.9% YoY.
Verified14Seattle's median sale price hit $825,000 in Q2 2024.
Directional15Phoenix home prices averaged $445,000 in May 2024, up 4.8% YoY.
Single source16Denver median price reached $585,000 in June 2024.
Verified17Miami's median home price was $580,000 in Q1 2024, up 7.2% YoY.
Verified18Boston median sales price was $750,000 in May 2024.
Verified19Las Vegas home prices averaged $445,000 in June 2024, up 5.4% YoY.
Directional20Portland, OR median price hit $530,000 in Q2 2024.
Single source21Nationally, luxury home prices (top 5%) rose 8.2% YoY in 2023.
Verified22Starter homes (under $200k) saw only 1.2% price growth in 2023.
Verified23Condo prices increased 3.5% YoY to median $357,400 in 2023.
Verified24Single-family detached homes median price $400,000 in Q1 2024.
Directional25Townhome prices rose 6.1% YoY to $345,000 median in 2023.
Single source26In 2023, 47% of homes sold above list price nationally.
Verified27Average U.S. home price per square foot was $213 in 2023.
Verified28Midwest median home price $295,000 in Q2 2024, up 4.0% YoY.
Verified29Northeast prices up 6.5% YoY to $435,000 median in June 2024.
Directional30South region median price $355,000, +5.2% YoY in Q2 2024.
Single source31Western U.S. median home price $552,000 in June 2024, +3.8% YoY.
VerifiedPrices 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
1Existing-home sales reached 4.11 million annually in June 2024, up 1.3% MoM.
Verified2Total U.S. home sales volume was 4.09 million in 2023.
Verified3New home sales at 617,000 annualized pace in June 2024.
Verified4Redfin-tracked sales up 0.8% YoY in May 2024 to 24,700 homes.
Directional524% of homes sold above list price in June 2024.
Single source6Median days on market for all homes was 44 days in June 2024.
Verified7Cash sales accounted for 28% of transactions in Q2 2024.
Verified8First-time buyers made up 32% of purchases in 2023 NAR survey.
Verified9Investor purchases fell to 15% of sales in 2023.
Directional10All-cash sales hit record 33% during pandemic peak 2021.
Single source11California home sales down 10% YoY to 280,000 in 2023.
Verified12Florida sales totaled 378,000 homes in 2023.
Verified13Texas closed 373,000 sales in 2023.
Verified14Pending sales index at 71.5 in June 2024.
Directional15Repeat buyers were 68% of market in 2023.
Single source16Distressed sales (foreclosures/short sales) only 2% in 2023.
Verified17Median days to pending was 20 days in June 2024.
Verified1830% of sellers had price reductions in June 2024.
Verified19Northeast sales up 1.5% MoM in June 2024.
Directional20South sales volume increased 2.0% in June 2024.
Single source21Midwest closings rose 0.9% MoM June 2024.
Verified22Western region sales up 1.1% in June 2024.
Verified23Luxury sales (over $1M) down 2% YoY in 2023.
Verified24Condo sales fell 5% to 530,000 units in 2023.
Directional25Single-family sales 4.0 million in 2023.
Single sourceSales 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