U.S. Spring Housing Market Sees Regional Price Surges

The 2024 U.S. spring housing market is characterized by rising home prices in cities like Seattle, where King County's median price has reached $1.03 million, and by mixed signals nationwide due to high mortgage rates and economic uncertainty. While housing inventory has increased and prices have flattened in some areas, affordability and availability remain uneven, with only South Carolina earning an A grade for new construction in a recent Realtor.com report. Midwestern and Southern states generally offer more affordable options compared to the expensive and supply-constrained West and Northeast. The Twin Cities market is especially competitive in the $250,000 to $350,000 range, as over a quarter of homes there sell above asking price, posing challenges for first-time buyers. Seasonal trends continue to influence buying opportunities, with peak activity in June and better deals in colder months. Overall, homebuyers face significant challenges from high prices and competition, with conditions varying widely by region and season.