What has the home price hike looked like so far this year? According to just-released data from the National Association of Realtors, 205 out of 221 metro markets posted home price gains in the first quarter of 2024. Thirty percent of the 221 tracked metro areas experienced double-digit price gains over the same period, up from 15 percent in the fourth quarter of 2023.
Compared to one year ago, the national median single-family existing-home price climbed 5 percent to $389,400. In Q4 of 2023, the year-over-year national median price increased 3.4 percent.
“Astonishingly, greater than 90 percent of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” said NAR Chief Economist Lawrence Yun. “In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand.”
Six of the top 10 metro areas with the largest year-over-year median price increases were in Illinois and Wisconsin. However, eight of the top 10 most expensive markets in the U.S. were in California.
Those markets include San Jose, Anaheim, San Francisco, San Diego, San Luis Obispo, Thousand Oaks, Salinas and Los Angeles.
Just 7 percent of markets experienced home price declines in the first quarter, down from 14 percent in the fourth quarter of 2023.
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