Key facts
- The national median list price for single-family homes declined 0.4% year over year to $449,000 for the week ending July 31.
- The median price of newly listed homes increased 1.2% year over year to $419,900 during the same period.
- This divergence between overall active and new listing median prices was present in 71 out of 298 analyzed U.S. metro areas.
- Nashville, Buffalo, and Milwaukee exemplify different variations of this national pricing pattern.
- In Nashville, new listings were priced about $40,000 below the overall active median, while in Buffalo, new listings were about $32,000 above it.
- Milwaukee showed new and pending listing prices aligned at $399,900, approximately $49,000 below its overall active median.
The national median list price for homes, a figure that reflects all currently listed properties, has seen a slight year-over-year decline. However, the median price for homes newly entering the market has simultaneously increased, creating a divergence in pricing signals in nearly a quarter of U.S. metro areas. This phenomenon occurs when the overall median price, which includes older listings that may have undergone price adjustments, moves in a different direction than the median price of new listings.
Housing demand continues to show resilience despite elevated mortgage rates, with weekly pending sales, total pending sales, and mortgage purchase applications remaining positive year over year, albeit with slowed growth. HousingWire Data analysis revealed that in 71 of 298 analyzed metro areas, the overall active median price declined while the new listing median price increased. This pattern was observed across various regions.
Nashville, Tennessee, exemplifies this divergence, with its overall active median price down 1.5% year over year to $589,945, while the median price of newly listed homes rose 4.7% to $549,900. This gap has persisted for 10 weeks, with new listings priced significantly below the broader active inventory. Days on market data suggests older, higher-priced listings influence the overall median, while new listings enter at lower price points. Pending sales in Nashville were priced even lower, indicating a clustering of contracts around $522,445.
Buffalo, New York, presents a reverse scenario where new listings are priced above the overall active median. The overall active median fell 7.9% to $267,900, while new listings increased 11.1% to $299,900. This inversion has lasted 10 weeks, with both new and pending listings clustering near $300,000, substantially above the broader active median.
Milwaukee, Wisconsin, shows a third variation where new and pending listing prices align below the overall active median. The overall active median dropped 10.2% to $449,000, while both new listings and pending sales median prices were $399,900. This alignment suggests recent market activity is concentrated at a lower price point than the broader active inventory, despite strong demand indicated by rising absorbed listings and low months of inventory.