Home Prices Hit New Record High in 2024 as Inventory Rises

The housing market remained on an upward trajectory last year, with Redfin’s data for the four weeks ending June 30, 2024 (June 3–30, 2024), showing that the median sales price hit a record high of $397,954. This marked a 4.9% increase from June 2023, the largest annual jump since March 2024.

Higher Prices and Mortgage Costs

During the same period, the median asking price rose to $409,975, up 6.1% year-over-year, the steepest increase since October 2022. The median monthly mortgage payment increased 6.5% year-over-year to $2,749 at a 6.86% mortgage rate, coming within $88 of the all-time high set in April 2024.

More Listings, Fewer Sales

Pending home sales fell 4.6% year-over-year to 87,160, marking the steepest decline in four months. At the same time, new listings climbed 9.9% year-over-year to 100,989, the largest increase in two months. Active listings jumped 17.5% year-over-year to 967,516, reflecting a growing supply of homes.

Price Trends Across Major Markets

Some metro areas saw significant price growth, with the highest year-over-year increases recorded in:

• Anaheim, California: 14.7%

• Newark, New Jersey: 13.5%

• Nassau County, New York: 12.6%

• New Brunswick, New Jersey: 11.7%

• Fort Lauderdale, Florida: 11.1%

  
  

Meanwhile, home prices declined in several Texas markets. Austin saw the largest year-over-year drop at 2.1%, followed by Dallas at 1.5% and San Antonio at 0.2%.

Shift in Buyer Behavior

Despite rising prices, fewer homes sold above list price in June 2024, with 32.3% of homes closing above asking price, down from 36% in June 2023. Meanwhile, 6.9% of listings had price drops, the highest share on record.

While home prices surged in 2024, increased inventory and slowing sales signaled shifting market dynamics as buyers and sellers adjusted to changing conditions.