Charted: The Growth in U.S. House Prices by State in 2024

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New listings are growing and prices still aren't crashing link

• Housing inventory is increasing, yet national home prices remain stable without dramatic drops. This is due to the persistent influence of supply and demand economics.

• The new listing data is growing year over year but will be the second-lowest ever recorded, with a peak of only 72,329 listings, below the minimum target of 80,000. This indicates a still constrained market despite the growth in inventory.

• The current market is not comparable to the stressed seller market of 2008-2011 when home prices crashed. Even with increased inventory, the market dynamics differ significantly from that period.

New Home Sales Down 16.5% in May link

• The U.S. Government is reporting that sales of new single-family houses in May, 2024 were at a seasonally adjusted annual rate of 619k, which is 11.3% lower than April’s revised rate and is 16.5% lower than one year ago.

• The median sales price of new houses sold in May was $417,400 with an average sales price of $520k.

• There were an estimated 481k new houses for sale at the end of May representing a 9.3-month supply at the current sales rate.

Suburbs outpace big cities for housing inventory growth: StorageCafe link

• Housing supply in suburbs and exurbs is growing faster than in major cities, driven by affordability, more space, and a slower pace of life. Southern and Sun Belt markets, particularly in Texas and Florida, dominate this growth.

• Over the past decade, housing inventory in exurbs grew by an average of 15%, compared to 14% in suburbs and 10% in principal cities. Population growth followed a similar trend, with exurbs growing by 16%, suburbs by 13%, and principal cities by 9%.

• Vineyard, Utah, saw the most significant inventory growth, increasing its stock by over 7,000% in ten years. Other top-growing cities include Blackwells Mills, New Jersey; Fulshear, Texas; Woodbridge, Virginia; and Nocatee, Florida.

• Major cities like Austin and Fort Worth also saw substantial growth in housing supply, with increases of 23% and 21%, respectively. This was attributed to the influx of tech companies and startups, which attract young professionals and families.

• Rising home prices and low inventory levels are pushing Americans from urban cores to suburbs and exurbs. Millennials and Generation Z are leading this trend, seeking lower density areas and rural charm.

ADUs Outpace Single-Family Homes in San Diego link

• San Diego County issued nearly 12,000 building permits last year, a 21% increase from 2022. This marks the largest construction surge in 17 years, indicating strong growth in the housing sector.

• Accessory dwelling units (ADUs) have seen a significant rise, surpassing single-family home permits. This trend reflects a shift towards more flexible and affordable housing solutions.

• The increased focus on ADUs suggests a response to housing shortages and affordability issues. These units provide additional living spaces without the need for expansive land development.

Mapped: The Growth in U.S. House Prices by State in 2024

(More insights, More details per insight, and more charts)

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Mapped: Median Income by State in 2024

Anyone like to star gaze?

Link to the listing

That's all, folks.

Cheers,

Vidit

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