7 in 10 Metros Saw Home Price Gains in the First Quarter of 2023. See Where. –USA Today

USA Today

By Swapna Venugopal Ramaswamy

The housing market may be cooling overall, but home prices in 70% of metros still increased, according to the National Association of Realtors’ new quarterly report. Even as 30-year fixed mortgage rates remained elevated − fluctuating between 6.1% and 6.7% in the first quarter − 7% of the 221 tracked metro areas registered double-digit price increases over the same period. That was down from 18% in the fourth quarter of 2022. Compared to a year ago, the national median single-family existing-home price decreased 0.2% to $371,200. “Generally speaking, home prices are lower in expensive markets and higher in affordable markets, implying greater mortgage rate sensitivity for high-priced homes,” said NAR Chief Economist Lawrence Yun.

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