Currently Reading

Home Prices Are Steady, Market Remains Highly Competitive


Home Prices Are Steady, Market Remains Highly Competitive

July 16, 2020
Large blue home with green grass
By bmak

Since April 2019, median home prices have increased steadily and not even a pandemic ended the streak. The pandemic has put a damper on the rate of growth though, Zillow reports. With the medium price of U.S. homes selling at $263,408 for the month of May, the 4.6% year-over-year change is lower than April’s, making May the second consecutive month to see slower growth. Potential buyers looking to snag a deal may want to change mindsets, as sellers have been firm on prices and the market remains highly competitive.

Annual growth in median sale price was slower in May than in April in 31 of the nation’s 50 largest metros, though the deceleration was generally small. The biggest slowdown was in Providence, down 2 percentage points in May from April (from almost 9.2% to just slightly more than 7.1%). San Jose was at the opposite end — annual growth in the heart of Silicon Valley was 2.1 percentage points faster in May than in April (to 5.3% from 3.2%).

The data make clear that despite the nationwide shockwaves generated by the coronavirus pandemic, home prices haven’t been hit to the same degree as other sectors of the economy — at least for now. And because closed sales obviously lag active listings, we can expect sales prices to reflect the relative stability and growth of median list prices that we’ve seen over the past few months. Sale prices increased year-over-year in May in all 50 of the nation’s largest metros.

Read More

Related Stories

Market Data + Trends

Case-Shiller: September Home Prices Break 6-Year High warns that prospective homebuyers may not find a better deal in the future as home prices continue their climb. According to the S…


As Mortgage Rates Lower, Millions of Americans Can Save Big

With mortgage rates down to a new low, a record 19.4 million Americans could save hundreds per month. The average interest rate for Freddie Mac’s…

Market Data + Trends

Mortgage Demand Increases for First Time This Month

After a brief pause for the presidential election, mortgage applications are now back to booming. For the week, mortgage applications to purchase…


More in Category


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.