Fewer markets in the last quarter experienced double-digit price gains across the country compared to the third quarter of 2021. That’s the news out of the National Association of Realtors, who found that out of 183 measured markets, 67 percent of metro areas reached double-digit price appreciation compared to 78 percent in the prior quarter.
But slow doesn’t mean stalled.
Nationally, the median sales price of single-family existing homes was up 14.6 percent to $361,700. The average price was up 15.9 percent in Q3 of last year.
The fourth quarter saw only the South experience double-digit price appreciation at 17.9 percent, with single-digit price gains in the Northeast (6.8 percent), Midwest (8.6 percent) and the West (7.7 percent).
According to NAR, the top 10 most expensive markets in Q4 saw prices surge, with California leading the way with five metros in the top 10, including:
- #1 San Jose-Santa Clara: $1,675,000 (19.6 percent)
- #2 San Francisco-Oakland-Hayward: $1,310,000 (14.9 percent)
- #3 Anaheim-Santa Ana-Irvine: $1,150,000 (23 percent)
- #5 San Diego-Carlsbad: $845,000 (14.2 percent)
- #6 Los Angeles-Long Beach-Glendale: $797,900 (15.9 percent)
Other cities and markets in the top 10 include Honolulu, Boulder, Seattle, Naples, FL., and Nassau County, NY.
“Homebuyers in the last quarter saw little relief as home prices continued to climb, albeit not as fast as earlier in the year,” said Lawrence Yun, NAR chief economist. “The increasing prices are indicative of a seller’s market, with an abundance of eager buyers and very limited supply.
“The strength of price gains are associated with the strength of the local job market, but the escalating prices took a toll on home shoppers, compelling many to come up with extra cash, and forcing others to delay making a purchase altogether,” Yun continued. “A number of families, especially would-be first-time buyers, are increasingly being forced out of the market, and this is why supply is critical to expanding homeownership opportunity.”