- The median home sale price rose 6% year over year to $434,000 as a lack of new listings buoyed prices.
- The total number of homes for sale hit a four-year high, but that’s partly because some houses are sitting stale on the market after being priced too high.
- 18% of homes for sale in April had a price cut, up from 12% in April 2023.
- San Jose and Rochester are hotter than other parts of the country; roughly three-quarters of homes that sold in those metros last month fetched more than their asking price—a higher share than anywhere else in the U.S.
The median U.S. home sale price rose 6.2% year over year in April to $433,558—the highest level on record.
Today’s housing market is much slower than it was during the pandemic homebuying boom, but prices continue climbing because there still aren’t enough homes to go around.
New listings increased 1.7% month over month in April on a seasonally adjusted basis and rose 10.8% year over year. Still, they were roughly 20% below pre-pandemic levels, in large part because many homeowners don’t want to sell, as they feel “locked in” by the low mortgage rate they scored during the pandemic.
It’s worth noting that last April, new listings were at the lowest level on record aside from the start of the pandemic, which is one reason they’re now posting such a large year-over-year gain.
Home sales were little changed from a month earlier (0.2%) in April on a seasonally adjusted basis, but…
