U.S. home prices have surged to a new all-time high, causing a 5% drop in pending sales. This marks the biggest decline in pending sales since February, despite an increase in new listings and a slight decrease in monthly housing payments due to lower mortgage rates.
| Metric | Value | Year-over-Year Change | Notes |
|---|---|---|---|
| Median Sale Price | $397,954 | 4.9% | All-time high; biggest increase since March |
| Median Asking Price | $409,975 | 6.1% | Biggest increase since October 2022 |
| Median Monthly Mortgage Payment | $2,749 at a 6.86% mortgage rate | 6.5% | $88 below all-time high set during the 4 weeks ending April 28 |
| Pending Sales | 87,160 | -4.6% | Biggest decline in 4 months |
| New Listings | 100,989 | 9.9% | Biggest increase in 2 months |
| Active Listings | 967,516 | 17.5% | |
| Months of Supply | 3.3 | +0.7 pts. | 4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions |
| Share of Homes Off Market in Two Weeks | 41.6% | Down from 47% | |
| Median Days on Market | 32 | +5 days | |
| Share of Homes Sold Above List Price | 32.3% | Down from 36% | |
| Share of Homes with a Price Drop | 6.9% | +2.1 pts. | Highest level on record |
| Average Sale-to-List Price Ratio | 99.7% | -0.3 pts. |