Last week, the National Association of Realtors reported that the median existing-home price in May 2024 was $419, 300, a new record. Low inventory continues to spur bidding wars among home buyers in some markets.
High prices coupled with elevated mortgage rates have limited the number of sales this spring, normally the busiest season for home buying. The adjusted annual rate of home sales is 4.11 million, the third straight monthly decline and 2.5% down from a year ago.
Meanwhile, these factors have combined to elevate high priced homes and keep out of the market folks interested in lower price point homes.