Home prices, like mortgage rates, continued to defy the odds and rose for the four weeks ending April 28 in the same in all 50 of the most populous U.S. metros—the the first time that has happened since July 2022. Nationwide, the median sale price rose to a near-record $383,188, up 4.8 percent annually.
According to Redfin, home-price increases were driven by Anaheim, where prices rose more than 20 percent year-over-year. It’s followed by Detroit, San Jose, West Palm Beach and New Brunswick, all notching double-digit increases.
The metros with the smallest price increases were Dallas, Austin, San Antonio, Fort Worth and Tampa.
“[The latest] economic news keeps mortgage rates in a holding pattern. At their May 1 meeting, the Fed held interest rates steady, as expected, but kept open the possibility of rate cuts later this year. “The Fed meeting is unlikely to push mortgage rates down–but the good news is that it won’t push them up, either, which could have happened if the Fed took 2024 rate cuts off the table,” said Redfin Economic Research Lead Chen Zhao. “Even though housing costs shouldn’t climb much more, they will remain elevated for the foreseeable future, which could push more buyers away. But for serious house hunters who can afford today’s mortgage rates and find a home they love, jumping on it now isn’t a bad idea, given the fact that inventory is low and costs aren’t dropping anytime soon.”
Of note, one NorCal hot spot led the market when it came to new listings and pending sales during the four-week period. San Jose saw pending sales increase by 15 percent annually, while it also new listings jump by more than 53 percent.
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