In March 2024, home prices rose more than 8 percent annually in a quarter of large markets, including 59 percent of those in the Northeast and 33 percent in the Midwest, as compared to 15 and 13 percent in the South and the West, respectively. [...] Inventory was down in 94 of the 100 largest metros in the first quarter of 2024 relative to the same period in 2019 and the average decline was 42 percent. [...] The 2023 decline was widespread, with 30 percent fewer sales in the Midwest, 31 percent fewer in the South, 35 percent fewer in the Northeast, and 41 percent fewer in the West, as compared to 2021. [...] In the professionally managed apartment sector, asking rents rose just 0.2 percent year over year in the first quarter of 2024, a steep drop from the 4.5 percent rate recorded a year earlier and the record-high 15.3 percent seen in the first quarter of 2022. [...] • In the first quarter of 2024, a household needed to earn a whopping $120,000 annually to afford the median-priced home in the US, up from an inflation-adjusted $82,000 in the first quarter of 2021.
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- United States of America
Table of Contents
- Home Prices Continue to Rise as For-Sale Inventory Hits Lowest Level in 30 Years 1
- Figure 7 Figure 1 1
- Interactive Map 1
- Figure 8. 1
- Figure 9 1
- Figure 10 1
- Figure 24 1
- Figure 11 1
- Household Growth Driven by Millennial Homeowners and Gen Z Renters 2
- Figure 12 2
- Figure 13 Interactive Map 2
- Figure 16 2
- Cost of Homeownership Highest in More Than 30 Years 2
- Figure 5 Interactive Map 2
- . Figure 19 2
- Number of Cost-Burdened Renters Hits a Record High as Number of Gen Z Renters Doubles 2
- Figure 2 Interactive Map 2
- Figure 22 2
- Figure 23 3
- Figure 25 3
- More States Embrace Zoning Reform and Homelessness Hits Record High 3
- Figure 28 3
- Figure 29 Interactive Map 3
- Figure 6 Figure 30 3
- MEDIA CONTACT 3
