Despite concerns of a market correction last fall, the housing market has demonstrated remarkable resilience in the first half of 2023. In fact, only one of the 100 largest U.S. housing markets saw a month-over-month decline in home prices in May, while the other 99 markets experienced price increases, according to Fortune. Tight inventory levels have played a crucial role in stabilizing the national housing market, especially during a seasonally strong window in the spring.
Midwestern and East Coast markets saw the biggest gains, while Austin, Texas, saw a gradual decline of 0.33% from April to May as home prices continued to fall after being overvalued by 63.7% at the peak of the pandemic housing boom in the first quarter of 2022.
The biggest one-month gains were found in Midwestern and East Coast markets such as Madison (+1.65%), Hartford (+1.58%), and Milwaukee (+1.41%). Not too far behind were markets like New Haven (+1.37%), Bridgeport, Conn. (+1.28%), and Allentown, Pa. (+1.25%). Unlike overheated Western markets, which were hit harder by last year’s correction, these Midwestern and Northeastern markets didn’t see prices spike as high during the pandemic housing boom and were better positioned to weather the storm.
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