In May 2024 median home prices in the US reached an all-time high of $419,300. Mortgage interest rates went down a little this month but are still high at 6.9%.
It is the lack of supply and the high demand that has driven prices up. Houses are still selling quickly and multiple offers are common but not as common as they were a year ago.
The number of homes on the market is up 18.5% from May 2023 according to the National Association of Realtors.
The people who are most likely to move this year are moving due to life events like job changes, the birth of a child, or a death.
For homeowners who want to sell this is a great time. There are more houses on the market this year than there were last year which makes moving easier.
