{"id":78101,"date":"2024-06-18T05:00:54","date_gmt":"2024-06-18T12:00:54","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78101"},"modified":"2024-06-17T12:20:03","modified_gmt":"2024-06-17T19:20:03","slug":"home-prices-smallest-increase-over-a-year","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-prices-smallest-increase-over-a-year\/","title":{"rendered":"U.S. Home Prices Are Rising at the Slowest Pace in Nearly a Year and a Half"},"content":{"rendered":"<p><strong><i>Home prices rose 0.3% in May. Price growth is slowing thanks to a small uptick in new listings as elevated mortgage rates keep buyers at bay. Mortgage rates are expected to fall in the second half of the year, which would bring both buyers and sellers back to the market. If sellers come back faster, price growth should continue to cool, but if buyers come back faster, growth may accelerate.\u00a0<\/i><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">U.S. home prices rose 0.3% month over month in May\u2014the smallest increase on a seasonally adjusted basis since January 2023. Prices climbed 7.2% from a year earlier, but annual growth showed signs of plateauing.<\/span><\/p>\n<div id=\"viz1718650709725\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinHomePriceIndex&#47;RepeatSaleIndices&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinHomePriceIndex\/RepeatSaleIndices\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinHomePriceIndex\/RepeatSaleIndices\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1718650709725');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1500px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/r\/repeatsales-method.asp#:~:text=The%20repeat%2Dsales%20method%20assesses,in%20homes%20with%20varying%20characteristics.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">method<\/span><\/a><span style=\"font-weight: 400;\"> to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. It\u2019s similar to the S&amp;P CoreLogic Case-Shiller Home Price Indices but publishes more than one month earlier. May data covers the three months ending May 31, 2024. Read the full RHPI methodology <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-home-price-index\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While home prices remain at record highs, the pace at which they\u2019re growing has slowed because even though we\u2019re still in a severe housing shortage, it\u2019s not quite as severe as it was last year. New listings have been inching upward, which has taken a little pressure off of sale prices because buyers have more options to choose from. Listings should continue to tick up slowly as the mortgage rate <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">lock-in effect<\/span><\/a><span style=\"font-weight: 400;\"> continues to wear off; eventually, the people who don\u2019t want to move because they have an ultra-low mortgage rate have to move.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe learned last week that inflation continued to cool in May, which means mortgage rates could decline in late summer or early fall,\u201d said Redfin Economics Research Lead <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">. \u201cA drop in mortgage rates would bring both buyers and sellers back to the market, which could either accelerate price growth or pull it back depending on who comes back with more force. If sellers come back faster, prices would likely cool, but if buyers come back faster, prices would likely ramp up.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New listings rose 0.3% month over month in May on a seasonally adjusted basis and climbed 8.8% from a year earlier, though they were still roughly 20% below pre-pandemic levels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> <img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-78100\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.44.10\u202fPM.png\" alt=\"\" width=\"575\" height=\"386\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.44.10\u202fPM.png 575w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.44.10\u202fPM-300x201.png 300w\" sizes=\"(max-width: 575px) 100vw, 575px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home price growth started to ease at around the same time that new listings started to tick up last year; new listings saw their first notable increase in August 2023, and monthly price growth began cooling during the three months ending Oct. 31, 2023.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Summary: Redfin Home Price Index, May 2024<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">The table below includes the 50 most populous U.S. metro areas.<\/span><\/i><\/p>\n<div id=\"viz1718650734869\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='#'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinHomePriceIndex&#47;DownloadData&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinHomePriceIndex\/DownloadData\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinHomePriceIndex\/DownloadData\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1718650734869');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1500px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices rose 0.3% in May. Price growth is slowing thanks to a small uptick in new listings as elevated mortgage rates keep buyers at bay. Mortgage rates are expected to fall in the second half of the year, which would bring both buyers and sellers back to the market. If sellers come back faster, [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":55712,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","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":"set","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":[27,8],"tags":[20,623,659],"dashboard":[],"coauthors":[125],"class_list":["post-78101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-national","tag-redfin-home-price-index"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>U.S. Home Prices Rise at the Slowest Pace in Over a Year<\/title>\n<meta name=\"description\" content=\"Home prices rose 0.3% in May. 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