Skip to main content

Redfin Reports Home Prices Hit Another Record High

May 23, 2024
Rising Home Price
Staff Writer

The median U.S. home-sale price hit a record $387,600 during the four weeks ending May 19

The median U.S. home sale price hit a record $387,600 during the four weeks ending May 19, marking a 4% increase from a year earlier. That’s according to a new report from Redfin.

Weekly average mortgage rates dipped to 7.02% from a five-month high of 7.22% at the start of the month, bringing the median monthly housing payment to $2,854, roughly $20 shy of April’s all-time high. High housing costs pushed pending home sales down 4.2% year over year, which marks the biggest decline in three months (except the prior four-week period, when sales declined 4.4%).

Redfin blamed prices continuing to rise despite declining sales on the fact that there just aren’t enough homes on the market. New listings are up about 8% YOY, but inventory remains lower than typical spring levels. Many homeowners are staying put because they would rather hold onto their relatively low mortgage rate than move up to a bigger and/or better home.

Months of supply increased by 0.6 points to 3.2. For reference, four to five months of supply is considered balanced, with a lower number indicating the seller’s market conditions. 

Redfin reported 901,194 active listings, a 14.8% increase YOY. 

Metros with the biggest YOY increases were Anaheim, Calif. (20.1%); Detroit, Mich. (16.9%); San Jose, Calif. (12.9%); Oakland, Calif. (12.5%); and West Palm Beach, Fla. (12%). Two Texas metros saw minimal decreases YOY: San Antonio (-1%) and Fort Worth (-0.6%).

Pending sales increased in 10 of the 50 most populous U.S. metros, with California metros claiming the top three spots: San Jose (18.4%) San Francisco (8%) and San Diego (4.3%).

Pending sales saw decreases, however, in metros like West Palm Beach, Fla. (-15.3%) and Atlanta, Ga. (-14.9%).

More details from the report can be found here

About the author
Staff Writer
Sarah Wolak is a staff writer at NMP.
Published
May 23, 2024
Home Price Appreciation Decelerates In Latest Indices

Case-Shiller and FHFA analytics point to price gains slowing

Jun 25, 2024
The Trillion-Dollar Race For Millennial Market Share

Millennials are cynical on homebuying, according to an Alkami report.

Jun 24, 2024
Average Buyers Must Put Down Nearly $128,000 To Afford Mortgage Payments

Depending on the region, some buyers need six-digit down payments while others need none.

Jun 24, 2024
Existing-Home Sales Fall 2.8% Annually In May

The year-over-year decline was most pronounced in the South and Northeast, where sales fell 5.1% and 4% respectively.

Jun 24, 2024
High Rates Dampen Builder Confidence

Builder confidence in the market for newly built single-family homes was 43 in June, down two points from May.

Jun 20, 2024
Mortgage Rates Fell For The Third Straight Week

The 30-year fixed-rate mortgage averaged 6.87%.

Jun 20, 2024