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New listing prices diverge from active medians across US metros
HousingWire Data analyzed nearly 300 metro areas and found 71 markets where overall active medians fell while new listing prices rose.
HousingWire Data identified four distinct pricing patterns across nearly 300 U.S. metro areas, showing that the national active median can mask differences in how sellers price homes entering the market today. According to the analysis, the overall active median reflects every home currently listed, while the new listing median captures the pricing of sellers putting homes on the market now, so movement in the two measures together or in opposite directions can signal different local conditions.
Housing demand continues to outperform expectations even as mortgage rates remain elevated, HousingWire said, citing positive year-over-year trends in weekly pending sales, total pending sales, and mortgage purchase applications, though growth has slowed. The report noted that mortgage rates have stayed above Logan Mohtashami’s key 6.64% threshold, with the national overall active median for single-family homes at $449,000 for the week ending July 31, down just 0.4% year over year.
For that same week, the median price of homes newly listed was $419,900, up 1.2% from $415,000 a year earlier. HousingWire Data found that the divergence between active and new listing pricing appeared in 71 of the 298 metros analyzed, nearly one in four, spanning every major region.
Across the 298 metros, the analysis reported 85 markets with year-over-year increases in both measures and 77 with declines in both, while 41 markets showed the active median rising but new listing prices declining. In the 71 metros at the center of the divergence, overall active medians declined while new listing prices increased, with HousingWire pointing to Nashville-Davidson-Murfreesboro-Franklin, Tenn., along with Buffalo and Milwaukee as examples of this pattern.