Real Estate Market Showing Resilience As Home Prices Rise Across All Major U.S. Metros – Yahoo Finance

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

The U.S. housing market is proving its mettle, with median home-sale prices increasing or remaining steady in all 50 of the most populous metros during the four weeks ending April 28, 2024. This marks the first time since July 2022 that no major metro area has seen a decline in home prices year-over-year, according to data from Redfin.

Despite rising mortgage rates and affordability concerns, the nationwide median sale price reached a near-record high of $383,188, representing a 4.8% increase from the previous year. The upward trend in prices is attributed to low inventory levels, which are driving competition among buyers.

Anaheim, CA, led the pack with an impressive 20% year-over-year price increase, followed by Detroit (14.9%), San Jose, CA (13.6%), West Palm Beach, FL (13.4%) and New Brunswick, NJ (12.8%). Even in metros with the smallest price increases, such as Dallas, Austin, San Antonio, Fort Worth, and Tampa, prices remained stable or saw modest gains.

What’s Driving This Price Growth?

New listings, although up 15% year-over-year, are still well below typical April levels. This scarcity of available homes is likely to keep prices elevated in the coming months. Some homeowners are hesitant to list their properties due to economic indicators suggesting that interest rates may remain higher for longer than anticipated.

While rising mortgage rates have softened homebuying demand, there are still enough serious buyers in the market to sustain price growth. Redfin’s Homebuyer Demand Index, which measures requests for tours and other buying services, is up 3% from a month ago and sits near its highest level since August 2023.

The recent Fed meeting has also kept mortgage rates in a holding pattern, with the possibility of rate cuts later in the year. This news is unlikely to push mortgage rates down but should prevent further increases in the near term.

How Can You Tap Into The Broader Real Estate Market?

For those looking to invest in the thriving real estate market without the challenges of direct property ownership, Cityfunds offers a compelling solution. Cityfunds are diversified portfolios of Home Equity Investments in the nation’s top cities, allowing individuals to invest in fractional shares of unique homes.

By investing in Cityfunds, you can tap into the $32.6 trillion home equity market, which has grown by an astounding 211% since 2013. Cityfunds’ in-house origination team ensures that investments are secured at 10-15% below market value, providing investors with an ‘in-the-money’ position from day one.

Moreover, Cityfunds offer a risk-adjusted approach to real estate investing, with diversification across exceptional properties and resilience to market interest rate fluctuations. As the housing market continues to demonstrate its strength, now may be the perfect time to explore the opportunities presented by Cityfunds.

Click here to check out the cities you can invest in with Cityfunds. 

This article Real Estate Market Showing Resilience As Home Prices Rise Across All Major U.S. Metros originally appeared on Benzinga.com

This post was originally published on 3rd party site mentioned on the title of this site