Population up, supply down: What's keeping Raleigh home prices up

With the most fruitful home-selling season in full swing, we're checking out where the market stands in the Triangle.

State of play: Real estate prices here have remained relatively stable over the past year, despite elevated mortgage rates continuing to soften the demand from buyers.

By the numbers: The median home price in the Raleigh metro area in May was $450,000, according to data from Redfin.

• That was up 2.3% from $440,000 a year ago.

The big picture: Elevated mortgage rates continue to dampen the appeal and affordability of homebuying. They're also keeping many homeowners from listing their homes .

• The Fed signaled in June that only one interest rate cut is coming this year.

Yes, but: Despite the higher rates, a growing population and lagging inventory is keeping the Triangle's home prices up, local residential real estate appraiser Stacey Anfindsen noted in his recent Triangle Area Residential Realty market report.

What they're saying: "While [listings were up] compared to May of last year, they were down 6% compared to the eleven-year May average," he wrote. At the same time, the Raleigh-Cary metro area's population grew 27%.

• "The end of house price metric increases will come when net inbound population decreases and inventory increases," he added. "When that will happen is anyone's guess."

Case in point: Raleigh and Durham were both in the top 20 for population growth last year, among cities with more than 250,000 residents.

Go deeper: U.S. home prices hit a new record high in May