Housing inventory climbed for the first time since January, according to the weekly survey from Altos Research.
- Housing inventory increased for the week to 414,000 single-family homes on market, up 2,000 from last week and the first increase since January 16th.
- There are 67% more homes on the market now than in 2022 at this time.
Home Prices. The median single-family home price in the U.S. is $429,900, up .25% from last week and up 7.0% from the same time last year.
- The median price of the new listings is $400,000.
Pending Sales. Mike Simonsen, the CEO of Altos, says the price of the pending sales is going to be really interesting to watch over the next few weeks as a good future indicator of overall economic conditions. Single-family homes under contract are 21% lower than in 2022 and homes just going under contract this week is 33% lower. Simonsen argues “The economy has been remarkably strong but there are cracks showing. If a recession hits hard, home buyers will definitely slow. We’ll see that data in this pending sales trend chart very quickly.”