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U.S. Home Prices Hit an All-Time High

Visualized: The Top 25 Nationalities of U.S. Immigrants and 5 more real estate insights

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A Quote

“Be who you are and say what you feel because those who mind don't matter, and those who matter don't mind.”

― Bernard M. Baruch

Latest Rates

Loan Type

Rate

Daily Change

Wkly Change

52-Wk Low/High

30 Yr. Fixed

7.10%

+0.01%

-0.02%

6.61/8.03

15 Yr. Fixed

6.57%

+0.01%

-0.05%

5.95/7.35

30 Yr. FHA

6.64%

+0.02%

+0.05%

6.00/7.44

30 Yr. Jumbo

7.35%

+0.00%

-0.02%

6.57/8.09

7/6 SOFR ARM

7.30%

+0.00%

+0.00%

6.11/7.55

30 Yr. VA

6.65%

+0.01%

+0.05%

6.02/7.46

Real Estate Trends

Top 10 U.S. Counties with Greatest Numbers of Foreclosure Starts in April 2024 link

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  • The U.S. experienced a notable surge in foreclosure starts in April 2024, with significant increases in several major counties. The top 10 counties include Cook County, IL, Maricopa County, AZ, and Riverside County, CA.

  • Cook County, IL, saw the highest number of foreclosure starts, reflecting broader economic pressures impacting homeowners. Maricopa County, AZ, and Riverside County, CA, followed closely behind, highlighting regional financial strains.

  • Foreclosure starts in these counties represent a growing concern about housing stability. The economic factors contributing to this include rising interest rates and persistent inflation, impacting homeowners' ability to maintain mortgage payments.

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The Sun Belt Is Seeing Some of the Biggest Rent Declines in America link

  • Nine of the ten metros with the largest rent drops are in the Sun Belt, including Austin, Nashville, and Miami. Seattle saw the biggest decline nationwide, with rents down 7.3% year-over-year.

  • Nationwide, the median asking rent increased 1.1% to $1,648 in April, marking the first rise in a year. This was driven by higher rents in the Midwest and Northeast, with Minneapolis leading at a 10.3% increase.

  • Elevated mortgage rates are pushing up rental demand, keeping rents high despite recent declines in some areas. The median asking rent remains just $52 below the August 2022 record high.

U.S. Home Prices Hit an All-Time High in April link

  • The median home sale price increased 6.2% year over year to $433,558, reaching the highest level on record. This price hike is driven by a lack of new listings.

  • New listings rose 1.7% month over month and 10.8% year over year, but remain about 20% below pre-pandemic levels. Many homeowners are reluctant to sell due to their favorable low mortgage rates.

  • Roughly 18% of homes for sale in April had a price cut, up from 12% in April 2023. In Las Vegas, sellers are negotiating prices and offering concessions to attract buyers.

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Something I found Interesting

34.4% of homes on the market have reduced prices link

  • 34.4% of homes on the market have reduced prices, up from 29.9% last year. This rise in price cuts indicates increased buyer sensitivity and a shift in market dynamics.

  • Inventory has grown to 578,000 unsold single-family homes, a 36% increase from last year. Higher mortgage rates are contributing to this inventory buildup.

  • The median home price remains at $450,000, unchanged for two years. The plateau in price growth suggests a slowdown in the housing market's momentum.

One Chart

The Number of Homes for Sale Is Increasing

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Off Topic

The Top 25 Nationalities of U.S. Immigrants

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What is the most surprising country on the list above?

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