In Late-Q2, the US median home-sale price reached $408.8K, ↑2.2% yearly, setting a record as strong high-income demand met a thinner supply of homes.
Existing home sales were ↑4.2% yearly to a seasonally adjusted annual rate near 4.4M, while pending sales were ↑4.5%, signaling broader current US momentum.
At the national level, gains were concentrated at the top end, with luxury activity helping drive overall price growth across the country's largest housing markets.
Competition also intensified: 22.2% of US homes sold above their original list price in Late-Q2, the highest share in >1 yr nationally.
New listings were ↓~1% MoM nationally in Late-Q2, and an expert said many buyers should treat a first home as a stepping stone.
