Monthly Market Update

The median sale price was just 1.5% below its all-time high in June, and the average home sold for above its list price for the first time in roughly a year. The number of homes for sale fell 15% to an all-time low in June, the biggest decline in two years, as elevated rates kept

The pool of homes for sale is shrinking because homeowners feel trapped by rising mortgage rates, with new listings down 25% to the third lowest level on record. A shortage of homes for sale is fueling bidding wars in some areas despite sluggish homebuyer demand; 37% of homes that sold in May went for more

Pandemic boomtowns and pricey coastal markets are seeing historic home-price declines. Nationwide, the median home sale price dropped nearly $18,000 from a year earlier in April as elevated mortgage rates dampened homebuyer demand. The median U.S. home sale price fell 4.1% ($17,603) year over year in April to $408,031. That’s the biggest drop on record

Pandemic boomtowns and pricey coastal markets, including Austin and San Jose, saw among the largest price declines. In many more affordable areas, prices continued to climb. Pending home sales dipped to the lowest level since the start of the pandemic as elevated mortgage rates curtailed buyer demand and a lack of homes for sale limited

Prices declined as sellers responded to a drop in homebuyer demand spurred by elevated mortgage rates. San Jose and Austin saw prices fall at roughly 12 times the national pace. While many buyers remained on the sidelines, home sales and competition leveled off following roughly a year of declines. Miami still saw sales fall 44%.