United States
June 27, 2023
PayProp Insights US

State of the housing market: June 2023

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April and May saw the gradual rise in housing prices begin to level off. Prices could reach their regular seasonal peak in June and begin falling in July.

The nationwide housing shortage is keeping prices high, but the recent surge in single-family construction may help drive down costs by adding more affordable inventory.

Danielle Hale, Realtor.com chief economist, agrees:

“Historically, we typically see home prices top out in June. I expect this year will be typical in that regard.”
  • According to Realtor.com, the national median list price grew from $430,000 in April to $441,000 in May.
  • The site also reports a 3.7% increase in newly listed homes, from 392,016 in April to 406,822 in May.
  • According to data from Zumper, the national median rent for May for one-bedrooms is $1,504, a 0.6% increase over last month. Two-bedroom median rent rose by 0.8%, reaching $1,856.
  • Additionally, the National Association of Home Builders reports a builder sentiment index of 55, up five points from the previous month. This is the first time confidence has surpassed 50 since July 2022, and it brings up the sixth consecutive month of increasing optimism.
  • Single‐family housing starts also soared in May, reaching a rate of 997,000 – 18.5% above the revised April figure of 841,000, and the highest since April 2022, which was then the highest since 2006.

More market headlines

Chronic underproduction of housing in the U.S. puts workforce rental housing in the spotlight – REJournals

Florida’s homeowner insurance rates are four times the national average – CNN

Maxine Waters proposes billions to expand low-income housing – The New York Times

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