HAR Report: The high end of the market saw the strongest performance in May. Home sales in the luxury segment ($1 million+), which represents just 4.8 percent of all homes on the market, climbed 9.6 percent. That was followed by the segment that consisted of homes priced between $500,000 and $1 million which rose 6.8 percent year-over-year. All other housing segments experienced a slowdown in sales last month. HAR will publish its May 2024 Rental Home Update on Wednesday, June 19.
The average price of a single-family home reached an all-time high in May of $443,970, topping the previous record in May 2022 when it reached $438,350. The average home price was up 3.6 percent year-over-year. The median price increased 1.5 percent to $345,000.