Insights into the May 2024 US Housing Market Trends
EconomyConsumer BehaviorExplore the latest trends in the US housing market for May 2024, including changes in home prices, mortgage rates, sales transactions, and market dynamics.
Home Prices and Market Trends
🏠No major American Metro has seen a decrease in home prices compared to a year ago.
📈Median home prices in the 50 most populous US metros have either risen or remained the same.
Mortgage Rates and Predictions
📉Average 30-year fixed rate increased to 7.22%, up from 6.39% a year ago.
🔮Chief Economist predicts continued rate increases during peak home buying season.
🌷Spring season sees highest sales transactions, making rate hikes more impactful.
Market Shifts and Dynamics
💼Easter holidays caused a spike in new listings and a decrease in contracts signed.
📉Imbalance between supply and demand observed with more houses listed for sale but fewer contracts being signed.
Regional Variances in Sales
🏡San Jose had the largest increase in pending home sales at 15%.
📉Phoenix, Arizona experienced a 14% decrease in home sales.
FAQ
What is the average 30-year fixed rate for mortgages in May 2024?
The average 30-year fixed rate increased to 7.22%.
Which US metro saw the largest surge in new listings?
San California saw a 53.2% surge in new listings.
What caused the imbalance between supply and demand in the housing market?
More houses were listed for sale, but fewer contracts were being signed.
Is it a good time to buy a house during the spring season?
The spring season sees the highest sales transactions, but rate hikes may make it more impactful.
How did the Easter holidays affect the housing market?
They caused a spike in new listings and a decrease in contracts signed.
Which region experienced a potential market shift in May 2024?
San Jose showed a potential shift with new listings rising more than pending home sales.
What is the current share of houses selling above list price?
Levels of houses selling above list price are at a three-year low.
How did the mortgage rate increase impact purchase applications?
It led to a 2% decrease in purchase applications.
Why did mortgage rates decrease in May 2024?
Lower than expected average hourly earnings and nonfarm payrolls led to the decrease.
Which US metro had the highest increase in pending home sales?
San Jose had the largest increase in pending home sales at 15%.
Summary with Timestamps
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Explore the latest trends in the US housing market for May 2024, including changes in home prices, mortgage rates, sales transactions, and market dynamics.
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