U.S. Median Home Sale Price Hits Record $396,500 Amid Market Cooling

The U.S. housing market has reached a record median home-sale price of around $396,500, marking a slight increase from the previous year despite signs of cooling in some regions. However, buyers are consistently paying below the median asking price, which is approximately $422,238, reflecting a 6% discount and indicating stronger buyer negotiating power amid a market with more sellers than buyers. High housing costs, economic uncertainty, and rising mortgage rates have dampened demand, contributing to a surge in new listings and total active inventory, while pending sales and mortgage applications have declined. Experts advise sellers to price homes strategically and ensure properties are in excellent condition to avoid extended market time and forced price reductions. Regional disparities persist, with some areas like Philadelphia seeing price growth, whereas others such as Oakland have experienced declines. Overall, the market is shifting from a seller's market to one where buyers have increased leverage, though affordability challenges remain significant for many prospective homeowners.