{"id":76503,"date":"2023-07-20T04:00:37","date_gmt":"2023-07-20T11:00:37","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76503"},"modified":"2023-07-19T13:33:14","modified_gmt":"2023-07-19T20:33:14","slug":"housing-market-update-home-prices-climb-low-supply","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-climb-low-supply\/","title":{"rendered":"Housing Market Update: Home Prices Climb 2% From a Year Ago, With Low Supply Fueling Competition"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Prices posted their biggest increase in over seven months, with more demand than supply as high mortgage rates deter sellers. That pushed monthly housing payments to an all-time high. Prices will likely continue rising for at least the next several months.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The typical U.S. home sold for $382,500 during the four weeks ending July 16, up 2.1% from a year earlier. That\u2019s the biggest increase since December 2022 and the second straight price uptick after nearly five months of declines. Prices are rising substantially in some metro areas, including Milwaukee, where the housing market remained relatively steady throughout the pandemic. But they\u2019re declining in other parts of the country, with the biggest drops in places where prices soared during the pandemic, including Austin and Phoenix.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">High home prices and mortgage rates pushed the typical homebuyer\u2019s monthly payment up to a record $2,656. Daily average mortgage rates are <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">inching down<\/span><\/a><span style=\"font-weight: 400;\"> thanks to <\/span><a href=\"https:\/\/www.cnn.com\/2023\/07\/12\/economy\/cpi-inflation-june\/index.html\"><span style=\"font-weight: 400;\">cooling inflation<\/span><\/a><span style=\"font-weight: 400;\">, but housing payments are likely to remain elevated because even slightly lower rates may escalate competition for the few homes on the market and push up prices for the foreseeable future.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prices are rising because there\u2019s more demand than supply. Redfin\u2019s Homebuyer Demand Index\u2013which measures early-stage demand by tracking requests for tours and other buying services from Redfin agents\u2013is up 2% from a year ago. Pending home sales are down 15% year over year, but new listings are down 25%, with homeowners <\/span><a href=\"https:\/\/www.redfin.com\/news\/high-mortgage-rates-lock-in-homeowners-2023\/\"><span style=\"font-weight: 400;\">handcuffed<\/span><\/a><span style=\"font-weight: 400;\"> by relatively low mortgage rates. The <\/span><i><span style=\"font-weight: 400;\">total<\/span><\/i><span style=\"font-weight: 400;\"> number of homes for sale is down 16%, the biggest dip in a year and a half, and inventory also posted an unseasonal monthly decline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cEven though buyers are trepidatious about high mortgage rates, we\u2019re seeing bidding wars in several pockets of the market because there are so few options and even fewer good options,\u201d said Raleigh, NC Redfin <a href=\"https:\/\/www.redfin.com\/premier\">Premier<\/a> agent <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/jordan-hammond\">Jordan Hammond<\/a>. \u201cCondos, townhouses and new construction homes are selling quickly, partly because they don\u2019t require much work and people can\u2019t afford to fix up a home when they have such high monthly mortgage payments. After over a year of high rates, buyers are getting used to lowering their budgets, searching for smaller homes, and thinking outside the box to reduce their monthly payments, doing things like rate buydowns or large down payments.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Leading indicators of homebuying activity:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The daily average 30-year fixed mortgage rate was <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">6.87%<\/span><\/a><span style=\"font-weight: 400;\"> on July 19, down from a half-year high of 7.22% two weeks earlier. For the week ending July 13, the average 30-year fixed mortgage rate was <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">6.96%<\/span><\/a><span style=\"font-weight: 400;\">, the highest level since November.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage-purchase applications during the week ending July 14 <\/span><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/07\/19\/mortgage-applications-increase-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">declined 1%<\/span><\/a><span style=\"font-weight: 400;\"> from a week earlier, seasonally adjusted. Purchase applications were down 21% from a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The seasonally adjusted Redfin Homebuyer Demand Index\u2013a measure of requests for home tours and other homebuying services from Redfin agents\u2013was down from the week earlier but up 2% from a year earlier, the eighth consecutive annual increase. Demand was dropping at this time in 2022 as mortgage rates fluctuated.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Google searches for \u201c<\/span><a href=\"https:\/\/trends.google.com\/trends\/explore?date=today%205-y&amp;q=homes%20for%20sale#cmpt=q\"><span style=\"font-weight: 400;\">homes for sale<\/span><\/a><span style=\"font-weight: 400;\">\u201d were up essentially flat from a month earlier during the week ending July 15, and down about 14% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Touring activity as of July 17 was up 17% from the start of the year, compared with a 1% <\/span><i><span style=\"font-weight: 400;\">decrease<\/span><\/i><span style=\"font-weight: 400;\"> at the same time last year, according to home tour technology company <\/span><a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\"><span style=\"font-weight: 400;\">ShowingTime<\/span><\/a><span style=\"font-weight: 400;\">. Tours increased slowly during this time last year as mortgage rates fluctuated.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Key housing market takeaways for 400+ U.S. metro areas:<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unless otherwise noted, the data in this report covers the <\/span><b>four-week period ending July 16<\/b><span style=\"font-weight: 400;\">. Redfin\u2019s weekly housing market data goes back through 2015.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Data based on homes listed and\/or sold during the period:<\/span><\/h2>\n<p><i><span style=\"font-weight: 400;\">For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median home sale price was $382,500, up 2.1% from a year earlier. That\u2019s the second straight year-over-year increase after more than four months of declines.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sale prices<\/span> <span style=\"font-weight: 400;\">increased most in Milwaukee (12.2% YoY), Miami (9.7%), Cincinnati (9.5%), Newark, NJ (7.3%) and Anaheim, CA (6.9%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home-sale prices declined in 20 metros, with the biggest drops in Austin, TX (-9.2% YoY), Detroit (-5.5%), Las Vegas (-5.5%), Phoenix (-5.1%) and Fort Worth, TX (-5.1%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median asking price of newly listed homes was $392,875, up 2.1% from a year earlier. Asking prices have been increasing for more than a month.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The monthly mortgage payment on the median-asking-price home hit a record $2,656 at a 6.96% mortgage rate, the average for the week ending July 13. That\u2019s up 15% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were down 14.8% year over year, continuing a year-plus streak of double-digit declines.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales fell in all but one of the metros Redfin analyzed. They declined most in Cleveland (-30.4%), Newark, NJ (-27.6% YoY), Providence, RI (-26.5%), Warren, MI (-26.2%) and Boston (-24.7%). They increased 2.8% in Austin.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale fell 25.1% year over year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings declined in all metros Redfin analyzed. They fell most in Las Vegas (-47.8% YoY), Phoenix (-41.1%), Providence, RI (-36.9%), Seattle (-35.8%) and Newark, NJ (-34.8%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Active listings (the number of homes listed for sale at any point during the period) dropped 16.1% from a year earlier, the biggest drop since February 2022. Active listings were down slightly from a month earlier; typically, they post month-over-month increases at this time of year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Months of supply\u2014a measure of the balance between supply and demand, calculated by the number of months it would take for the current inventory to sell at the current sales pace\u2014was 2.8 months, the highest level since April. Four to five <\/span><a href=\"https:\/\/www.redfin.com\/definition\/monthsof-supply\"><span style=\"font-weight: 400;\">months of supply<\/span><\/a><span style=\"font-weight: 400;\"> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">29.8% of homes that went under contract had an accepted offer within the first two weeks on the market, on par with the share a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homes that sold were on the market for a median of 27 days, the shortest span in 10 months. That\u2019s up from 22 days a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">36.6% of homes sold above their final list price, down from 47% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On average, 5.7% of homes for sale each week had a price drop, on par with 5.8% a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 100%. That\u2019s down from 101.2% a year earlier.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Refer to our <\/span><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\"><span style=\"font-weight: 400;\">metrics definition page<\/span><\/a><span style=\"font-weight: 400;\"> for explanations of all the metrics used in this report.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76505 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71923.png\" alt=\"\" width=\"1078\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71923.png 1078w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71923-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71923-1024x762.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-sale-price-71923-768x571.png 768w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76506 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71923.png\" alt=\"\" width=\"1078\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71923.png 1078w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71923-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71923-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/median-asking-price-71923-768x572.png 768w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76507 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/monthly-housing-payment-71823.png\" alt=\"\" width=\"1073\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/monthly-housing-payment-71823.png 1073w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/monthly-housing-payment-71823-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/monthly-housing-payment-71823-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/monthly-housing-payment-71823-768x573.png 768w\" sizes=\"(max-width: 1073px) 100vw, 1073px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76509 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71923.png\" alt=\"\" width=\"1078\" height=\"804\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71923.png 1078w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71923-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71923-1024x764.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/pending-sales-71923-768x573.png 768w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76510 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71923.png\" alt=\"\" width=\"1077\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71923.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71923-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71923-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/new-listings-71923-768x572.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76511 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71923.png\" alt=\"\" width=\"1077\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71923.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71923-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71923-1024x762.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/active-listings-71923-768x571.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76508 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71923.png\" alt=\"\" width=\"1076\" height=\"804\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71923.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71923-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71923-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/mos-71923-768x574.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76512 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71923.png\" alt=\"\" width=\"1076\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71923.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71923-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71923-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/two-weeks-71923-768x575.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76513 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71823.png\" alt=\"\" width=\"1077\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71823.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71823-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71823-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/dom-71823-768x572.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76514 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71923.png\" alt=\"\" width=\"1079\" height=\"798\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71923.png 1079w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71923-300x222.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71923-1024x757.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sold-above-list-71923-768x568.png 768w\" sizes=\"(max-width: 1079px) 100vw, 1079px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76515 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71823.png\" alt=\"\" width=\"1073\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71823.png 1073w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71823-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71823-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/price-drops-71823-768x576.png 768w\" sizes=\"(max-width: 1073px) 100vw, 1073px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76516 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71923.png\" alt=\"\" width=\"1074\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71923.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71923-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71923-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/sale-to-list-71923-768x574.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76517 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71923.png\" alt=\"\" width=\"1075\" height=\"804\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71923.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71923-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71923-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/demand-index-71923-768x574.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prices posted their biggest increase in over seven months, with more demand than supply as high mortgage rates deter sellers. That pushed monthly housing payments to an all-time high. Prices will likely continue rising for at least the next several months.\u00a0 The typical U.S. home sold for $382,500 during the four weeks ending July 16, [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":76504,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[32,625,623],"dashboard":[],"coauthors":[124],"class_list":["post-76503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-tracker","tag-housing-market-update","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: Home Prices Climb 2% From a Year Ago, With Low Supply Fueling Competition<\/title>\n<meta name=\"description\" content=\"Prices posted their biggest increase in nearly eight months, with more demand than supply as high mortgage rates deter sellers more than buyers. 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