What is the US housing market like right now? Sellers still have the upper hand with low inventory, and strong buyer demand, which has caused home prices in much of the country to rise year over year. Additionally, mortgage rates continue to be a driving factor in the housing market with rates hovering around 6-7% throughout 2024.
Primary Mortgage Market Survey®
U.S. weekly averages as of 08/29/2024
| 1-Wk change | -0.11 |
|---|---|
| 1-Yr change | -0.77 |
| 4-Wk avg. | 6.44% |
| 52-Wk avg. | 6.97% |
| 1-Wk change | -0.11 |
|---|---|
| 1-Yr change | -1.01 |
| 4-Wk avg. | 5.61% |
| 52-Wk avg. | 6.26% |
The average mortgage rate currently offered to home buyers by lenders across the U.S.
Mortgage rates indicate the cost of borrowing and paying back over time. A lower mortgage rate increases affordability and allows more borrowers to purchase homes.
The middle price of advertised homes for sale where half the home prices are higher, and half are lower.
By choosing the middle value, you remove the most and least expensive homes and get a more accurate picture of home prices.
An increasing median list price means higher demand and possibly lower inventory, while a decreasing median list price signals less demand and more inventory.
The middle number of days properties in the U.S. are listed for sale before they go under contract. The median offers insights into the market without being skewed by extreme highs or lows.
Decreasing days on market means homes are selling faster, indicating higher demand. Increasing days on market can indicate lower demand and homes are taking longer to sell.