34 months. The One Number That Cuts Through All The Noise

Home prices rose for the 34th consecutive month year-over-year in April — a streak that has survived rate spikes, a war, and the highest inflation in 40 years. NAR reported pending home sales rose in three of four regions, with existing sales stabilizing at a 4.02 million annual rate and a median price of $417,800 — while inventory climbed to 4.4 months of supply, giving buyers more options than they've had all spring. RE/MAX's survey of 51 metro markets confirmed the 99% close-to-list ratio is holding, meaning correctly priced homes are still selling. April payrolls came in at 115,000 — nearly double the 62,000 forecast — keeping the pipeline of qualified buyers intact. The quiet story underneath all of it: income growth is now outpacing home price gains, which means affordability is actually improving every month buyers wait.

Hope everyone had a great Memorial Day!

-John

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