Overwhelming Majority of US Metro Areas Saw Home Prices Increase in the First Quarter of 2024 –Scripps News

Scripps News

New data shows that over 90% of U.S. metro areas saw home prices increase in the first quarter of 2024, the National Association of Realtors said in a quarterly report released on Wednesday. The group said the single-family existing-home sale prices increased in 93% of metro areas across the country in a measure of 205 out of 221 metro areas. Home prices for the same types of existing single-family homes increased by 5% from a year ago. The median price for an existing single-family home is now at $389,400, NAR said. A typical monthly mortgage payment on an existing single-family home with a 20% down payment jumped by 9.3% from a year ago to $2,037. The NAR’s chief economist Lawrence Yun called the price increases astonishing as they come during record-high mortgage rates not seen in two decades.

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