U.S. Home Prices Hit an All-Time High

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“Be who you are and say what you feel because those who mind don't matter, and those who matter don't mind.”

― Bernard M. Baruch

Top 10 U.S. Counties with Greatest Numbers of Foreclosure Starts in April 2024 link

• The U.S. experienced a notable surge in foreclosure starts in April 2024, with significant increases in several major counties. The top 10 counties include Cook County, IL, Maricopa County, AZ, and Riverside County, CA.

• Cook County, IL, saw the highest number of foreclosure starts, reflecting broader economic pressures impacting homeowners. Maricopa County, AZ, and Riverside County, CA, followed closely behind, highlighting regional financial strains.

• Foreclosure starts in these counties represent a growing concern about housing stability. The economic factors contributing to this include rising interest rates and persistent inflation, impacting homeowners' ability to maintain mortgage payments.

The Sun Belt Is Seeing Some of the Biggest Rent Declines in America link

• Nine of the ten metros with the largest rent drops are in the Sun Belt, including Austin, Nashville, and Miami. Seattle saw the biggest decline nationwide, with rents down 7.3% year-over-year.

• Nationwide, the median asking rent increased 1.1% to $1,648 in April, marking the first rise in a year. This was driven by higher rents in the Midwest and Northeast, with Minneapolis leading at a 10.3% increase.

• Elevated mortgage rates are pushing up rental demand, keeping rents high despite recent declines in some areas. The median asking rent remains just $52 below the August 2022 record high.

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U.S. Home Prices Hit an All-Time High in April link

• The median home sale price increased 6.2% year over year to $433,558, reaching the highest level on record. This price hike is driven by a lack of new listings.

• New listings rose 1.7% month over month and 10.8% year over year, but remain about 20% below pre-pandemic levels. Many homeowners are reluctant to sell due to their favorable low mortgage rates.

• Roughly 18% of homes for sale in April had a price cut, up from 12% in April 2023. In Las Vegas, sellers are negotiating prices and offering concessions to attract buyers.

34.4% of homes on the market have reduced prices link

• 34.4% of homes on the market have reduced prices, up from 29.9% last year. This rise in price cuts indicates increased buyer sensitivity and a shift in market dynamics.

• Inventory has grown to 578,000 unsold single-family homes, a 36% increase from last year. Higher mortgage rates are contributing to this inventory buildup.

• The median home price remains at $450,000, unchanged for two years. The plateau in price growth suggests a slowdown in the housing market's momentum.

The Number of Homes for Sale Is Increasing

A Strong Quarter for Townhouse Construction 

Increased self-storage supply forecasted for 2024-25 

The Rise of Rentvesting: Renting in One City and Buying a Home in Another 

2024’s Best Places to Find a Job – WalletHub Study 

The Top 25 Nationalities of U.S. Immigrants

What is the most surprising country on the list above?

That's all, folks.

Cheers,

Vidit

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