US Median Home-Sale Price Up 4.8% Year-Over-Year

On Thursday, Redfin reported that in the four-week period ending April 28th, the median home-sale price rose from a year earlier or stayed the same in all 50 of the most populous US metros. This is first time this has happened since July 2022.

Nationwide, the median sale price rose to a near-record $383,188, up 4.8% year-over-year. Redfin also noted that mortgage rates continued to climb, with the weekly average hitting its highest level in five months. As a result, the median monthly housing payment climbed to a record high of $2,890—15% higher than a year ago.

New listings are up 15% year over year, but they are still well below typical April levels. According to Redfin, some homeowners are hesitant to list their homes because economic indicators point to interest rates staying higher than expected, potentially exacerbating the mortgage-rate lock-in effect. There were fewer new listings in April than any year on record except April 2020 and April 2023.

Adding background and analysis to the report, Redfin Economic Research Lead Chen Zhao said:

“The Fed meeting is unlikely to push mortgage rates down—but the good news is that it won’t push them up, either, which could have happened if the Fed took 2024 rate cuts off the table. Even though housing costs shouldn’t climb much more, they will remain elevated for the foreseeable future, which could push more buyers away. But for serious house hunters who can afford today’s mortgage rates and find a home they love, jumping on it now isn’t a bad idea, given the fact that inventory is low and costs aren’t dropping anytime soon.”