US Home Prices: Up Or Down?
Posted: July 26, 2024 | Source: www.newamericanfunding.comUS home prices are a mixed bag, holding steady in parts of the country while going up or down in other areas. According to Realtor.com, home prices have gone up in parts of the US, including 11.6% in Hartford Connecticut, 12.7% in San Jose, California, and 11.1% in San Diego. Price trends are mostly dependent on housing inventory as Texas, Tennessee and Florida’s home inventory growth is indicative of lower prices with Tampa’s housing inventory surging almost 93% and Orlando up by almost 82%. Austin, San Antonio and Memphis are back to pre-pandemic inventory levels, while Nashville is just 1% below the levels seen five years ago. Las Vegas was the only major metro seeing a decrease in homes for sale at almost 30%.
According to Realtor.com, the number of US homes for sale increased for the eighth month in a row, and supply is up 36.7% year-over-year. This means that inventory is higher now than it was during the pandemic summers of 2021-2023, and could soon pass 2020 levels.