U.S. Housing Market Trends in 2024U.S. Housing Market Trends in 2024

The U.S. housing market in mid-2024 shows varied trends across different regions. Overall, home prices have remained relatively stable compared to last year, with the national median list price around $442,500 in May, a slight increase from $430,000 in April. However, the price per square foot has risen by 3.8% compared to the same time last year, indicating that smaller homes are making up a larger share of the inventory​ (Realtor)​.

Regionally, the Northeast and Midwest have experienced the most significant year-over-year price increases, at 6.1% and 4.4%, respectively. The South has seen no change in median list prices year-over-year, while the West has had a modest increase of 0.8%. Despite stable list prices, the cost of financing a home has increased due to higher mortgage rates, raising the required household income for purchasing a median-priced home by $6,400 to approximately $119,700​ (Realtor)​.

Home sales have shown mixed results. Existing home sales fell slightly by 0.7% in May, and pending home sales slipped by 2.1%​ (www.nar.realtor)​. Inventory levels remain below pre-pandemic levels, but active listings have increased in some regions. The South and West have seen the largest increases in active listings, contributing to the relatively stable or declining price trends in these areas​ (Realtor)​​ (Redfin)​.

Overall, the market remains challenging for buyers due to higher mortgage rates and increased financing costs, but sellers, especially those who bought before the pandemic, can still capitalize on significant home price appreciation over the past several years​ (Realtor)​.