April 5, 2019
The U.S. median home listing price crossed into uncharted territory in March, increasing 7% year-over-year and reaching $300,000 for the first time ever, according to Realtor.com’s March 2019 monthly housing trend report. Although housing inventory continued to increase nationally, the pace slowed, as fewer new listings hit the market. Additionally, entry-level inventory scarcity continues; homes priced $200,000 or below decreased 9% year-over-year.
“The typical U.S. home list price has set a new high right on the cusp of the spring home buying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year,” said Danielle Hale, Realtor.com’s chief economist. “Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we’ve seen the last few months, as fewer sellers want to contend with this year’s more challenging conditions.”
The $300,000 price level already surpassed 2018’s summer high of $299,000. The continued, albeit slowing, rise in the national median home price in the midst of a market slowdown is likely driven by inventory growth in the high-end of the market. According to Realtor.com’s analysis, the inventory of for-sale homes priced above $750,000 increased 11% year-over-year.
Of the U.S.’s 50 largest metros, those that saw the biggest inventory decreases were St. Louis (19%), Washington, D.C. (14%), and Oklahoma City (11%). Metros where inventory continued to increase were primarily pricey West Coast markets. The growth list was topped by San Jose (114%), Seattle (77%), and San Francisco (44%).
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