In annual terms, prices increased by 2.5%, which is the fastest annual growth in the last six months.
The main driver of the price acceleration was a temporary reduction in mortgage rates in April, which stimulated demand in the housing market. Redfin data also shows that prices reached a six-month high in May.
The main driver of the price acceleration was a temporary period of lower mortgage rates in April, which boosted consumer demand. The deals concluded in April were reflected in the May statistics, and the volume of home sales in May reached the highest level since 2022.However, the situation began to change already during May: Mortgage rates went up again, which led to a slowdown in new deals and a reduction in new offers. However, according to Redfin estimates, prices may continue to rise at the current pace, as supply in the market remains limited.
Year-on-year price dynamics are as follows: San Francisco topped the ranking with an increase of +11.7% due to demand from the artificial intelligence sector, followed by Chicago (+10.7%) and Newark, New Jersey (+10.2%). The most significant annual declines were recorded in Texas: Austin (-3.8%), San Antonio (-2.4%) and Dallas (-2.2%). These markets continue to adjust after the peak values of the pandemic period.
Source: Redfin
.jpg)
.jpg)