United States Housing Market Report: Q1 2023
Reviewed by Eric Roebuck & Carson Whaley · Updated August 26, 2026
The Q1 2023 numbers for the United States: prices, sales, pending deals, supply, mortgage rates, and America's largest cities, from FHFA, Realtor.com, Redfin, Freddie Mac, and Zillow data.
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Q1 2023 was another data point in the national housing story, and the numbers are worth pinning down precisely. The FHFA All-Transactions House Price Index came in at 619.7, up 7.5% year over year, and 0.6% above the prior quarter. The median listing price averaged $414,027 (Realtor.com via FRED), while the median sale price, what buyers actually paid, ran $389,727 per the Redfin market tracker. The 30 year fixed mortgage rate averaged 6.37% for the quarter.
The Numbers This Quarter
| Measure | Q1 2023 | vs prior quarter | vs year earlier |
|---|---|---|---|
| FHFA house price index | 619.7 | ▲ 0.6%vs 616.2 | ▲ 7.5%vs 576.5 |
| Median sale price (Redfin) | $389,727 | ▼ 0.8%vs $392,862 | ▼ 0.8%vs $393,040 |
| Median listing price | $414,027 | ▼ 0.3%vs $415,333 | ▲ 7.6%vs $384,783 |
| Homes sold per month | 356,126 | ▼ 12.3%vs 406,042 | ▼ 23.4%vs 464,941 |
| Pending sales per month | 481,189 | ▲ 20.0%vs 400,973 | ▼ 16.1%vs 573,280 |
| Active listings (avg) | 586,197 | ▼ 19.5%vs 727,963 | ▲ 63.2%vs 359,189 |
| Months of supply | 2.8 mo | ◆ 0.0 movs 2.8 mo | ▲ 1.3 movs 1.5 mo |
| Median days to pending | 51 days | ▲ 10 daysvs 41 days | ▲ 24 daysvs 27 days |
| 30 year mortgage rate (avg) | 6.37% | ▼ 0.29 ptsvs 6.66% | n/a |
How to read this table
Every marker is colored by what the move means, not just its direction: falling mortgage rates, supply, and days to pending read as green because they favor a sale. The small figure under each marker is the baseline the change is measured against. Listing prices and inventory are strongly seasonal, so the year over year column is the meaningful comparison.
Sales and Supply: Did Homes Actually Move?
Completed sales averaged 356,126 homes a month in Q1 2023 (down 23.4% against the same months a year earlier), with pending sales, the deals going under contract, running 481,189 a month. At that pace the market held 2.8 months of supply, seller's market territory by the common rule of thumb, and the typical home that sold went under contract in 51 days.
City Check: America's Largest Cities in Q1 2023
Typical home values from the Zillow Home Value Index (ZHVI), city proper rather than metro, with movement markers and the baseline each change is measured against:
| City | Typical home value (Q1 2023) | vs prior quarter | vs year earlier |
|---|---|---|---|
| New York | $780,103 | ▼ 2.7%vs $801,750 | ▼ 1.2%vs $789,578 |
| Los Angeles | $921,307 | ▼ 2.6%vs $945,900 | ▼ 0.2%vs $923,153 |
| Chicago | $303,183 | ▼ 1.0%vs $306,245 | ▼ 1.3%vs $307,176 |
| Houston | $273,591 | ▼ 1.1%vs $276,634 | ▲ 8.1%vs $253,091 |
| Phoenix | $417,957 | ▼ 4.7%vs $438,570 | ▼ 0.5%vs $420,057 |
Houston led the five in Q1 2023 at 8.1% year over year; Chicago trailed at -1.3%.
How Q1 2023 Fits the Bigger Picture
Annual price growth of 7.5% was the softest reading in the archive up to this point. Our United States housing market analysis charts all 16 quarters together, or step through the archive: Q4 2022 report · Q2 2023 report.
If these numbers have you weighing a sale, our how it works page explains how a written, math-shown cash offer works, and the full market analysis puts this quarter in context.
About This Data
- Price index: FHFA All-Transactions House Price Index (USSTHPI), retrieved from FRED.
- Listing price and inventory: Realtor.com data via FRED; monthly values averaged to the quarter.
- Sales, pending sales, months of supply, and days to pending: Redfin market tracker, all residential, not seasonally adjusted; transaction counts shown as monthly averages within the quarter.
- Mortgage rate: Freddie Mac 30 Year Fixed Rate Mortgage Average (MORTGAGE30US), quarterly average of weekly values.
- City values: Zillow Home Value Index (ZHVI), all homes, smoothed and seasonally adjusted, city level.
- Published August 2026 as part of a 16 quarter archive (Q3 2022 through Q2 2026). Data retrieved August 26, 2026. Historical reporting, not a forecast or investment advice.
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