In June 2024, home prices soared to a record median of $435,300 while sales hit a nine-month low, dropping 2.7% from May. The housing market reflects a divide where affluent buyers are active despite many would-be buyers being sidelined. Rising wages and stock values support high-end sales, particularly homes over $1 million, which surged 14% year-over-year. All-cash buyers accounted for 29% of transactions, while first-time buyers struggled to participate due to rising prices which are now 48% higher than five years ago.
Today's housing market is really haves and have-nots. While countless would-be buyers remain stuck on the sidelines, some people do have a lot of money to spend.
The strongest part of the market now is the high end. Homes above $1 million saw the biggest sales spike last month, rising 14% over a year earlier.
An analysis found that 8.5% of U.S. homes were worth $1 million or more. All-cash buyers made up 29% of transactions last month.
The median price is now 48% higher than it was just five years ago. First-time buyers represented 30% of transactions last month.
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