Rising home buying costs clash with growing inventories and easing competition, data shows
What did the NBC News Home Buyer Index rate homebuying difficulty in May?
The NBC News Home Buyer Index rated homebuying difficulty at 82.2 in May, indicating a slight decrease in difficulty due to factors such as improved supply and slowing buyer activity4. However, affordability remains a significant challenge for potential buyers, as the Home Buyer Cost Index continues to rise.
What percentage of U.S. counties saw a rise in home inventory last year?
Nearly 70% of U.S. counties experienced an increase in housing inventory from May 2023 to May 2024, with the median list price of an average home rising in 70% of these counties, resulting in a median increase of $22,000.
How long are homes staying on the market compared to pre-pandemic levels?
Homes are staying on the market for longer compared to pre-pandemic levels. The time homes stay on the market has increased to near pre-pandemic levels, and the share of homes that sell within two weeks is among the lowest it has been in the past five years.