More than 80 percent of metro markets posted home price gains in the third quarter of 2023—though not led by luxury homes out West. According to the National Association of Realtors, 11 percent of the 221 tracked metro areas registered double-digit price increases over the same period, up from 5 percent in the second quarter.
Compared to one year ago, the national median single-family existing-home price climbed 2.2 percent to $406,900.
“Homeowners have accumulated sizable wealth, with a typical homeowner gaining more than $100,000 in overall net worth since 2019 and before the height of the pandemic,” said NAR Chief Economist Lawrence Yun. “However, the persistent lack of available homes on the market will make the dream of homeownership increasingly difficult for younger adults unless housing supply is significantly boosted.”
Among the major U.S. regions, prices grew 5.3 percent in the Northeast, 5.2 percent in the Midwest, 1.7 percent in the South and 0.6 percent in the West. And still, eight of the top 10 most expensive markets in the U.S. were in California: San Jose-Sunnyvale-Santa Clara; Anaheim-Santa Ana-Irvine; San Francisco-Oakland-Hayward; San Diego; Salinas; Oxnard-Thousand Oaks-Ventura; Los Angeles-Long Beach-Glendale; and San Luis Obispo-Paso Robles.