The National Association of Realtors latest quarterly report has found that nearly 60 percent of national metro areas posted price gains between April-June. With that, 5 percent of the 221 tracked metro areas registered double-digit price increases over the same period, down from seven percent in Q1.
Compared to a year ago, the national median single-family existing-home price dipped 2.4 percent to $402,600. In the prior quarter, the year-over-year national median price decreased 0.2 percent.
“Home sales were down due to higher mortgage rates and limited inventory,” said NAR Chief Economist Lawrence Yun. “Affordability challenges are easing due to moderating and, in some cases, falling home prices, while the number of jobs and incomes are increasing.”
Among the major U.S. regions, the South saw the largest share of single-family existing-home sales in the second quarter, with year-over-year price depreciation of 2.2 percent. Prices rose in the Northeast and in the Midwest but retreated in the West.
The top 10 metro areas with the largest year-over-year price increases all recorded gains of at least 10.4 percent, with six of those markets in the Midwest. Seven of the top 10 most expensive markets in the U.S. were in California.