US Median Home Price Reaches Record High
Posted on July 18, 2024 |
The median existing home price for all housing types in the US reached $419,300 in May 2024, marking a year-over-year increase of 5.7%. This significant rise represents the 11th consecutive annual gain and sets a new record for June.
Over the past year, US home prices have shown notable fluctuations. The data reveals fluctuations in US home-sale prices, with increases and decreases seen month-over-month:
-Starting in May 2023 at $397,000, the prices increased by 3.27% in June 2023 to $410,000
-This was followed by a slight decrease in July 2023 to $406,000, a drop of 0.98%
-The prices declined slightly in August 2023 by 0.49% to $404,000 and saw a more significant decrease of 2.72% in September 2023 to $393,000
-The decline persisted through October 2023, which saw a minor decrease of 0.25% to $392,000, followed by a 1.02% drop in November 2023 to $388,000
-Further 1.80% decrease in December 2023 to $381,000
-January 2024 recorded a smaller decline of 0.52% to $379,000
Housing Market Recovery
However, the trend reversed in February 2024 with a 1.32% increase to $384,000 and continued to rise by 2.34% in March 2024 to $393,000. April 2024 experienced a significant jump of 3.72% to $407,600, and this upward trend carried on into May 2024 with a 2.87% increase, bringing the median home-sale price to $419,300. This shows the volatility in the US housing market, influenced by various economic factors and market dynamics.
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