But the most affordable homes are becoming harder to find
A new record was set in March as the US national median home price reached $300,000 for the first time, having risen 7% year-over-year.
The previous high was in the summer of 2018 when it hit $299,000.
Realtor.com’s monthly housing trend report shows that inventory is still rising but the pace has moderated and in the much-in-demand $200K and below sector inventory was down 9% year-over-year.
Meanwhile, there was an 11% increase in inventory among homes priced $750,000 and above.
Approximately 56,000 additional homes were for sale in March compared to last year, amounting to a 4% increase year-over-year, mainly due to a 9% increase in the 50 largest markets (although new listings were down 0.4%).
"The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year," said Danielle Hale, realtor.com®'s chief economist. "Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we've seen the last few months as fewer sellers want to contend with this year's more challenging conditions. A buyer's experience will vary notably depending on the market and price point they're targeting."
Metros Seeing the Largest Gains in Inventory
|
Metro |
Active Listing |
New Listing |
Median |
Share of |
Median Days |
|
San Jose-Sunnyvale-Santa Clara, Calif. |
114% |
4% |
-12% |
8% |
11 |
|
Seattle-Tacoma-Bellevue, Wash. |
77% |
11% |
11% |
6% |
9 |
|
San Francisco-Oakland-Hayward, Calif. |
44% |
4% |
-3% |
5% |
7 |
|
Portland-Vancouver-Hillsboro, Ore.-Wash. |
34% |
0% |
0% |
1% |
7 |
|
Nashville-Davidson--Murfreesboro--Franklin, Tenn. |
28% |
11% |
-2% |
2% |
6 |
|
San Diego-Carlsbad, Calif. |
27% |
0% |
0% |
1% |
6 |
|
Dallas-Fort Worth-Arlington, Texas |
25% |
3% |
-3% |
3% |
5 |
|
Los Angeles-Long Beach-Anaheim, Calif. |
24% |
-1% |
0% |
3% |
10 |
|
Boston-Cambridge-Newton, Mass.-N.H. |
23% |
3% |
3% |
3% |
4 |
|
Detroit-Warren-Dearborn, Mich. |
19% |
2% |
7% |
2% |
3 |
|
Houston-The Woodlands-Sugar Land, Texas |
17% |
7% |
-3% |
3% |
5 |
|
Atlanta-Sandy Springs-Roswell, Ga. |
17% |
5% |
2% |
4% |
2 |
|
Tampa-St. Petersburg-Clearwater, Fla. |
17% |
2% |
2% |
3% |
7 |
|
Jacksonville, Fla. |
15% |
1% |
-3% |
3% |
4 |
|
Orlando-Kissimmee-Sanford, Fla. |
14% |
2% |
-1% |
4% |
2 |
|
Providence-Warwick, R.I.-Mass. |
12% |
8% |
5% |
1% |
6 |
|
Miami-Fort Lauderdale-West Palm Beach, Fla. |
12% |
4% |
-1% |
0% |
5 |
|
Las Vegas-Henderson-Paradise, Nev. |
11% |
13% |
7% |
16% |
7 |
|
Sacramento--Roseville--Arden-Arcade, Calif. |
11% |
-11% |
3% |
0% |
9 |
|
Charlotte-Concord-Gastonia, N.C.-S.C. |
10% |
3% |
0% |
3% |
3 |
|
New York-Newark-Jersey City, N.Y.-N.J.-Pa. |
9% |
10% |
7% |
3% |
3 |
|
Austin-Round Rock, Texas |
8% |
3% |
-2% |
2% |
1 |
|
San Antonio-New Braunfels, Texas |
8% |
7% |
1% |
5% |
-1 |
|
Richmond, Va. |
8% |
11% |
6% |
0% |
-1 |
|
Riverside-San Bernardino-Ontario, Calif. |
7% |
-4% |
4% |
0% |
8 |
|
Phoenix-Mesa-Scottsdale, Ariz. |
7% |
-2% |
1% |
6% |
3 |
|
Louisville/Jefferson County, Ky.-Ind. |
7% |
2% |
6% |
1% |
4 |
|
Raleigh, N.C. |
5% |
0% |
1% |
3% |
7 |
|
Buffalo-Cheektowaga-Niagara Falls, N.Y. |
4% |
-3% |
5% |
1% |
6 |
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. |
3% |
-3% |
2% |
0% |
-1 |
|
Columbus, Ohio |
3% |
-8% |
7% |
1% |
3 |
|
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. |
3% |
1% |
9% |
1% |
-1 |
|
Hartford-West Hartford-East Hartford, Conn. |
2% |
-3% |
0% |
-1% |
12 |
|
Minneapolis-St. Paul-Bloomington, Minn.-Wis. |
2% |
-11% |
2% |
1% |
6 |
|
Baltimore-Columbia-Towson, Md. |
-1% |
-1% |
4% |
2% |
7 |
|
Memphis, Tenn.-Miss.-Ark. |
-1% |
-8% |
13% |
1% |
-4 |
|
Cleveland-Elyria, Ohio |
-2% |
1% |
8% |
1% |
-4 |
|
Kansas City, Mo.-Kan. |
-2% |
-18% |
13% |
1% |
16 |
|
Cincinnati, Ohio-Ky.-Ind. |
-3% |
-3% |
8% |
0% |
-1 |
|
Pittsburgh, Pa. |
-5% |
4% |
3% |
0% |
-10 |
|
Birmingham-Hoover, Ala. |
-5% |
2% |
13% |
1% |
-8 |
|
New Orleans-Metairie, La. |
-6% |
-9% |
5% |
-3% |
2 |
|
Virginia Beach-Norfolk-Newport News, Va.-N.C. |
-8% |
-1% |
6% |
2% |
-1 |
|
Milwaukee-Waukesha-West Allis, Wios. |
-8% |
-10% |
16% |
-1% |
1 |
|
Indianapolis-Carmel-Anderson, Ind. |
-9% |
-3% |
13% |
0% |
12 |
|
Tucson, Ariz. |
-9% |
-17% |
10% |
3% |
1 |
|
Rochester, N.Y. |
-10% |
-10% |
14% |
1% |
2 |
|
Oklahoma City, Okla. |
-11% |
32% |
7% |
4% |
-5 |
|
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. |
-14% |
-12% |
1% |
2% |
8 |
|
St. Louis, Mo.-Ill. |
-19% |
-15% |
7% |
0% |
5 |
