WASHINGTON – Single-family existing-home gross sales costs rose in 93% of measured metro areas – 205 of 221 – within the first quarter, up from 86% within the prior quarter, in keeping with the National Assn. of Realtors. The nationwide median single-family existing-home value grew 5% from a 12 months in the past to $389,400.
Sixty-three markets (30%) skilled double-digit annual value appreciation, up from 15% within the earlier quarter.
The month-to-month mortgage fee on a typical, present single-family residence with a 20% down fee was $2,037, up 9.3% from one 12 months in the past. Thirty p.c of the 221 tracked metro areas skilled double-digit value features over the identical interval, up from 15% within the fourth quarter of 2023. 30-year fastened mortgage charges ranged from 6.60% to six.94%.
“Astonishingly, higher than 90% of the nation’s metro areas skilled residence value progress regardless of dealing with the very best mortgage charges in 20 years,” mentioned NAR Chief Economist Lawrence Yun. “Within the present market, rising costs are the direct results of inadequate housing provide not assembly the total demand.”
In contrast with one 12 months in the past, the nationwide median single-family existing-home value climbed 5% to $389,400. Within the prior quarter, the year-over-year nationwide median value elevated 3.4%.
Among the many main U.S. areas, the South registered the most important share of single-family existing-home gross sales (46%) within the first quarter, with year-over-year value appreciation of three.3%. Costs additionally swelled 11% within the Northeast, 7.4% within the Midwest and seven.3% within the West.
The highest 10 metro areas with the most important year-over-year median value will increase, which could be influenced by the kinds of properties bought through the quarter, all registered features of at the least 18.2%. Six of the markets had been in Illinois and Wisconsin.
Eight of the highest 10 costliest markets within the U.S. had been in California:
- San Jose-Sunnyvale-Santa Clara, Calif. ($1,840,000; 13.7%)
- Anaheim-Santa Ana-Irvine, Calif. ($1,365,000; 14.2%)
- San Francisco-Oakland-Hayward, Calif. ($1,300,000; 14%)
- City Honolulu, Hawaii ($1,085,800; 5.5%)
- San Diego-Carlsbad, Calif. ($981,000; 11.5%)
- San Luis Obispo-Paso Robles, Calif. ($909,300; 7%)
- Oxnard-Thousand Oaks-Ventura, Calif. ($908,700; 7.6%)
- Salinas, Calif. ($899,200; 4.1%)
- Naples-Immokalee-Marco Island, Fla. ($850,000; 9.4%)
- Los Angeles-Lengthy Seashore-Glendale, Calif. ($823,000; 10.2%)
“The costly markets within the West, the place residence costs declined final 12 months, are roaring again,” Yun mentioned. “Value dips in that area had been considered as second-chance alternatives by many patrons.”
Seven p.c of markets (15 of 221) skilled residence value declines within the first quarter, down from 14% within the fourth quarter of 2023.
