US housing market faces relief amid high prices and mortgage rates

Posted on June 17, 2024   |  

In May, the national median listing price rose slightly by 0.3% to $442,500 compared to the previous year, with a 3.8% increase in price per square foot.

Since May 2019, the median listing price has surged by 37.5%, while the price per square foot has soared by 52.7%.

Despite significant price increases since 2019, there's a noticeable rise in more affordable homes available for sale.

May witnessed a 35.2% increase in homes for sale compared to the previous year, marking the 7th consecutive month of rising inventory.

The mix of homes for sale showed a substantial 46.6% increase in homes priced between $200,000 to $350,000 nationwide year-over-year.

All US regions experienced gains in May, with listings growing by 47.2% in the South, 34.5% in the West, 20.5% in the Midwest, and 9.4% in the Northeast.

Among the largest metro areas, all 50 witnessed an increase in active listings in May compared to the previous year, with notable growth observed in Tampa (87.4%), Phoenix (80.3%), and Orlando (78.0%).