Americans Need to Earn 70.1% More Today Than Six Years Ago to Afford the Median-priced Home
- Americans now need to earn
$114,000 to afford the median-priced home - Pending home sales fall for the fourth straight month YoY, down 3.2%
- Active listings rise 30.6% YoY, surpassing
April 2020 levels - Price reductions hit 18.0% of listings
"Even with today's affordability hurdles, meaningful changes in the market could give buyers a better shot at finding a home," said
|
Metric |
|
Change over
|
Change over
|
Change over |
|
Median listing price |
|
+1.5 % |
+0.3 % |
+36.9 % |
|
Active listings |
959,251 |
+7.5 % |
+30.6 % |
-15.6 % |
|
New listings |
471,788 |
+8.2 % |
+9.2 % |
-14.6 % |
|
Median days on market |
50 |
-3 days |
+4 days |
-4 days |
|
Share of active listings with price reductions |
18.0 % |
+0.5 percentage points |
+2.5 percentage points |
+3.5 percentage points |
|
Median List Price Per Sq.Ft. |
|
+1.0 % |
+1.1 % |
+54.0 % |
A
Since 2019, the income required to afford the median-priced home has risen
Markets with the Highest Required Incomes to Afford a Home
|
Metro Area |
Required Income to Afford Median Home |
Required Income vs |
|
|
|
+54.3 % |
|
|
|
+30.5 % |
|
|
|
+86.0 % |
|
|
|
+73.4 % |
|
|
|
+54.9 % |
|
|
|
+81.9 % |
|
|
|
+69.4 % |
|
|
|
+42.2 % |
|
|
|
+61.7 % |
|
|
|
+59.1 % |
Five
January Set the Tone and April Followed: Pending Home Sales Continue to Drop
From October to December last year, pending home sales were relatively stronger on a year-over-year basis. But since January, the momentum has shifted, and in April, pending home sales declined 3.2% compared with a year ago, marking the fourth consecutive month of annual declines. A renewed rise in mortgage rates, now back to levels seen in early 2024, is likely a key factor behind the slowdown. As borrowing costs climbed again in late April, some buyers who had been waiting for more favorable conditions are hitting pause, injecting new uncertainty into the market as it moves into the typically busy summer season.
Shifts in Pending Home Sales YoY
|
Month |
YoY Change in Pending Home Sales |
|
|
- 3.2 % |
|
|
- 5.3 % |
|
|
- 5.4 % |
|
|
- 4.1 % |
|
|
+ 2.4 % |
|
|
+ 8.2 % |
|
|
+ 4.3 % |
Where's the Silver Lining?
In light of affordability concerns and more choice for buyers, data suggest that some sellers are meeting buyers in the middle. This month, 18.0% of listings saw price reductions. Additionally, active listings were up 30.6% year-over-year, surpassing
The West (+41.7%) and South (+33.3%) led the way in active listings growth, while certain markets, including
The full
*Table 1:
|
Metro Area |
Median Listing |
Median Listing |
Median |
Median Listing |
Required |
Required |
|
|
-0.8 % |
-1.3 % |
26.9 % |
|
57.7 % |
|
|
|
-5.9 % |
-5.1 % |
41.9 % |
|
76.3 % |
|
|
|
11.5 % |
4.0 % |
19.0 % |
|
47.9 % |
|
|
|
1.5 % |
0.8 % |
18.8 % |
|
47.6 % |
|
|
|
0.9 % |
1.6 % |
46.4 % |
|
81.9 % |
|
|
|
-1.7 % |
1.2 % |
31.8 % |
|
63.8 % |
|
|
|
4.0 % |
1.0 % |
25.6 % |
|
56.1 % |
|
|
|
-4.4 % |
-0.5 % |
9.8 % |
|
36.4 % |
|
|
|
-7.3 % |
2.3 % |
23.8 % |
|
53.8 % |
|
|
|
7.0 % |
8.5 % |
34.5 % |
|
67.1 % |
|
|
|
-4.9 % |
1.3 % |
24.8 % |
|
55.1 % |
|
|
|
-4.4 % |
-0.7 % |
19.4 % |
|
48.4 % |
|
|
|
-4.1 % |
-1.1 % |
14.5 % |
|
42.2 % |
|
|
|
1.4 % |
1.8 % |
1.3 % |
|
25.8 % |
|
|
|
-2.6 % |
1.0 % |
36.9 % |
|
70.2 % |
|
|
|
6.8 % |
7.0 % |
49.7 % |
|
86.0 % |
|
|
|
0.2 % |
-0.6 % |
14.7 % |
|
42.5 % |
|
|
|
-3.4 % |
-0.8 % |
18.7 % |
|
47.4 % |
|
|
|
-4.8 % |
-2.9 % |
28.1 % |
|
59.2 % |
|
|
|
-5.3 % |
0.5 % |
23.9 % |
|
53.9 % |
|
|
|
0.0 % |
0.9 % |
50.1 % |
|
86.5 % |
|
|
|
0.3 % |
1.4 % |
49.7 % |
|
86.0 % |
|
|
|
-0.6 % |
1.9 % |
16.2 % |
|
44.4 % |
|
|
|
1.8 % |
1.6 % |
56.8 % |
|
94.8 % |
|
|
|
-5.6 % |
-4.2 % |
27.8 % |
|
58.8 % |
|
|
|
2.3 % |
5.3 % |
26.5 % |
|
57.1 % |
|
|
|
-0.5 % |
-0.2 % |
20.4 % |
|
49.6 % |
|
|
|
-4.0 % |
-1.4 % |
48.5 % |
|
84.6 % |
|
|
|
1.9 % |
-2.3 % |
36.3 % |
|
69.4 % |
|
|
|
-2.3 % |
0.4 % |
27.4 % |
|
58.3 % |
|
|
|
-3.4 % |
-2.1 % |
35.8 % |
|
68.7 % |
|
|
|
1.4 % |
2.7 % |
36.4 % |
|
69.4 % |
|
|
|
-2.2 % |
-0.9 % |
41.4 % |
|
75.7 % |
|
|
|
0.5 % |
1.6 % |
33.2 % |
|
65.6 % |
|
|
|
0.0 % |
-0.5 % |
29.2 % |
|
60.6 % |
|
|
|
11.5 % |
6.9 % |
55.2 % |
|
92.8 % |
|
|
|
-0.5 % |
-0.3 % |
22.0 % |
|
51.6 % |
|
|
|
0.0 % |
2.3 % |
37.2 % |
|
70.5 % |
|
|
|
0.4 % |
0.3 % |
46.8 % |
|
82.4 % |
|
|
|
-2.5 % |
-1.5 % |
30.1 % |
|
61.7 % |
|
|
|
-1.3 % |
-2.3 % |
15.0 % |
|
42.9 % |
|
|
|
-6.7 % |
-3.0 % |
39.5 % |
|
73.4 % |
|
|
|
-3.1 % |
-5.6 % |
5.0 % |
|
30.5 % |
|
|
|
-4.6 % |
-1.8 % |
24.2 % |
|
54.3 % |
|
|
|
0.9 % |
3.4 % |
24.7 % |
|
54.9 % |
|
|
|
0.2 % |
-0.9 % |
31.1 % |
|
62.9 % |
|
|
|
-2.4 % |
-2.3 % |
46.5 % |
|
82.0 % |
|
|
|
-3.2 % |
-0.7 % |
32.7 % |
|
64.9 % |
|
|
|
3.8 % |
4.8 % |
39.7 % |
|
73.6 % |
|
|
|
-0.6 % |
-2.9 % |
28.1 % |
|
59.1 % |
*Table 2:
|
Metro Area |
Active Listing |
New Listing |
Median Days |
Median Days |
Price– |
Price- |
|
45.2 % |
8.8 % |
46 |
7 |
20.8 % |
3.1 pp |
|
|
24.5 % |
-0.6 % |
44 |
2 |
25.9 % |
1.2 pp |
|
|
47.7 % |
11.3 % |
29 |
-7 |
13.4 % |
1.4 pp |
|
|
18.2 % |
-1.9 % |
50 |
4 |
16.1 % |
1.4 pp |
|
|
25.7 % |
20.1 % |
25 |
1 |
12.1 % |
1.7 pp |
|
|
3.2 % |
8.4 % |
35 |
1 |
6.5 % |
1.2 pp |
|
|
53.0 % |
17.9 % |
42 |
5 |
21.1 % |
4.2 pp |
|
|
11.4 % |
1.9 % |
33 |
-1 |
10.4 % |
1.8 pp |
|
|
24.0 % |
9.6 % |
34 |
3 |
13.2 % |
2.5 pp |
|
|
21.0 % |
3.6 % |
38 |
-2 |
13.0 % |
2.1 pp |
|
|
37.9 % |
7.5 % |
31 |
6 |
18.8 % |
3.6 pp |
|
|
42.8 % |
11.1 % |
43 |
3 |
25.8 % |
4.1 pp |
|
|
65.0 % |
24.7 % |
36 |
4 |
27.2 % |
6.1 pp |
|
|
16.7 % |
10.6 % |
37 |
-3 |
12.6 % |
2.7 pp |
|
|
15.4 % |
-3.6 % |
33 |
2 |
9.1 % |
-0.3 pp |
|
|
15.2 % |
10.2 % |
30 |
-1 |
6.7 % |
1.1 pp |
|
|
33.9 % |
10.7 % |
44 |
1 |
19.2 % |
1.1 pp |
|
|
19.7 % |
7.5 % |
40 |
2 |
19.8 % |
1.7 pp |
|
|
35.2 % |
0.4 % |
57 |
7 |
27.6 % |
2.7 pp |
|
|
11.8 % |
11.1 % |
47 |
0 |
12.6 % |
0.5 pp |
|
|
60.7 % |
18.2 % |
44 |
5 |
21.4 % |
7.5 pp |
|
|
54.6 % |
8.3 % |
44 |
5 |
14.3 % |
5.6 pp |
|
|
22.9 % |
10.5 % |
39 |
-1 |
14.7 % |
1.0 pp |
|
|
30.8 % |
-7.6 % |
56 |
8 |
20.6 % |
0.4 pp |
|
|
40.7 % |
-1.0 % |
72 |
8 |
20.1 % |
1.2 pp |
|
|
2.3 % |
5.2 % |
30 |
-1 |
8.7 % |
1.8 pp |
|
|
8.9 % |
8.4 % |
33 |
-3 |
10.6 % |
0.0 pp |
|
|
34.3 % |
4.7 % |
47 |
16 |
18.8 % |
-0.5 pp |
|
|
3.2 % |
3.3 % |
45 |
-1 |
7.6 % |
0.6 pp |
|
|
30.0 % |
-0.9 % |
43 |
2 |
18.4 % |
0.4 pp |
|
|
44.7 % |
5.3 % |
62 |
8 |
23.4 % |
2.8 pp |
|
|
18.2 % |
6.2 % |
35 |
-5 |
12.6 % |
1.2 pp |
|
|
33.3 % |
22.9 % |
52 |
-3 |
31.3 % |
7.6 pp |
|
|
16.8 % |
8.9 % |
47 |
-5 |
15.7 % |
2.4 pp |
|
|
30.6 % |
8.2 % |
44 |
5 |
23.3 % |
2.5 pp |
|
|
33.9 % |
10.2 % |
29 |
0 |
8.2 % |
1.5 pp |
|
|
58.2 % |
16.2 % |
43 |
5 |
20.1 % |
6.6 pp |
|
|
20.6 % |
12.9 % |
36 |
-5 |
9.9 % |
1.5 pp |
|
|
52.4 % |
12.6 % |
52 |
7 |
18.3 % |
4.3 pp |
|
|
49.6 % |
13.1 % |
38 |
6 |
17.9 % |
3.3 pp |
|
|
20.1 % |
9.5 % |
58 |
4 |
25.6 % |
2.4 pp |
|
|
70.1 % |
14.4 % |
37 |
4 |
17.8 % |
5.9 pp |
|
|
42.6 % |
5.5 % |
33 |
6 |
13.4 % |
4.1 pp |
|
|
67.6 % |
2.4 % |
24 |
3 |
12.0 % |
4.3 pp |
|
|
50.1 % |
7.5 % |
30 |
2 |
14.4 % |
5.6 pp |
|
|
16.8 % |
0.6 % |
39 |
4 |
13.5 % |
1.5 pp |
|
|
32.1 % |
6.0 % |
58 |
6 |
29.3 % |
1.8 pp |
|
|
56.5 % |
14.9 % |
51 |
6 |
23.5 % |
4.6 pp |
|
|
32.1 % |
9.4 % |
35 |
3 |
16.0 % |
2.2 pp |
|
|
69.3 % |
16.1 % |
25 |
-5 |
13.8 % |
3.6 pp |
Methodology
Realtor.com housing data as of
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Media contact: Asees Singh, press@realtor.com
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SOURCE Realtor.com
